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Why NRIs in UAE, US, and Saudi choose health insurance in India: Explained
Health insurance uptake among Non-Resident Indians (NRIs) has risen sharply, with Policybazaar reporting a 70% increase in policies during FY 2022-23. This number doubled the following year and continues to grow into 2024-25, according to the online insurance marketplace. The report names the UAE, United States, Saudi Arabia, Singapore, the United Kingdom, Qatar, and Oman as top markets for NRI insurance...Read More |
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NRIs can save tax on health insurance purchased in India
An NRI can save tax on a health insurance policy purchased in India. Section 80D of the Income Tax Act, 1961 allows non-resident Indians to claim tax deductions on the premium paid for buying health insurance for NRIs in India. As per the current tax slabs, NRI policyholders can save tax for up to Rs 50,000 in a financial year. The limit for tax deductions is Rs 25,000 for an individual and Rs 25,000 for parents. In case...Read More |
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NRIs can buy term insurance abroad, but here's what they
should know
Does a non-resident Indian (NRI) need to be present in India while purchasing a policy? No, they do not. An NRI can easily purchase a policy abroad. In some cases, however, it is better to buy the policy while in India.
Rakesh Goyal, director, Probus Insurance, said, "If someone is buying in other countries, the formalities will be a little lengthy. There is significance of the country where the policyholders reside, policy's eligibility for buying the policy and premiums depends on that particular factor... Read More
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Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years
The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to the cost of commercial auto claims over a decade. The Insurance Information Institute teamed up with the Casualty Actuarial Society to measure excess losses that can not be explained by regular ......Read More
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Toxins in Household Products Leave FDA Chasing a Vapor Trail
When the Food and Drug Administration last week identified the likely sources of a powerful carcinogen that’s been found in a myriad of personal-care products, it was the latest development in a year of recalls that has shown the potential dangers of everyday products Americans have long assumed are safe......Read More
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Attention Young Professionals: Wholesale Insurance Is ‘Where the Magic Happens’
According to wholesale insurance executives, their segment of the property/casualty insurance industry is more exciting and fulfilling than other sectors of the industry. It’s also full of potential for young insurance professionals starting out in the current hard market and looking to build long-term careers, these executives told.....Read More
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Travel insurance customers demand COVID coverage
Since the coronavirus pandemic began, one-third of travelers searching for travel insurance want protection for COVID-19, according to travel insurance comparison site Squaremouth.Providers offering COVID-19 coverage are in high demand, according to Squaremouth. The site said it had seen a shift in top travel insurance providers to favor those that offer COVID-19 coverage......Read More |
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National Flood Services helps agents sell flood insurance amid COVID-19
This year’s flood season has the potential to create unprecedented havoc. Forecasters are expecting a severe season with several named storms and hurricanes, causing unmitigated damage and costs to communities already facing the difficulties of COVID-19. Indeed the first named storm of 2020, Tropical Storm Arthur, arrived well before the official June 01 start of hurricane season, and experts are noting....Read More
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States Adding Laws to Shield Businesses From Liability for Coronavirus Claims
Four states have passed laws that grant businesses immunity from civil liability for claims relating to COVID-19, while legislation in at least three other states is advancing. The bills signed into law by the governors of North Carolina, Oklahoma, Utah and Wyoming go far beyond the immunity that several states granted to health care.....Read More
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UK INSURANCE CLAIMS FROM STORMS CIARA AND DENNIS ESTIMATED AT US$473.7M
Insurers expect to make payments to customers hit by the recent Storms Ciara and Dennis of over £363 million (US$ 473.7 million), according to initial estimates from the Association of British Insurers (ABI).....Read More
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