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The Supreme Court has delivered a significant ruling, stating that insurance companies cannot deny compensation to accident victims solely because the vehicle involved deviated from its permitted route or violated its permit conditions. A bench of Justices Sanjay Karol and Prashant Kumar Mishra emphasised that, in the context of motor accidents, the insurance policy’s primary…
This lag in insurance coverage presents opportunities for insurers. They can expand their reach in tier-II and tier-III cities and rural areas with low awareness and accessibility. “Insurance density in India is relatively low compared to global standards. Innovative distribution models can facilitate the inclusion of underinsured customers who are already covered by government schemes,”…
The move, being mulled by the Union finance ministry with the help of the Reserve Bank of India (RBI), would also help the government nudge the industry towards its target of insurance for all by 2047, these people said on the condition of anonymity. For insurers, investing in these 50-year on-tap bonds would provide them…
