With the stagnation in the IT sector and the advent of Artificial Intelligence (AI) drastically cutting into the intake of new entrants, the Indian Insurance sector is becoming the highest growing service sector for career opportunities.
The Supreme Court has said that long term third party liability insurance has to be made mandatory for four-wheelers and two-wheelers.
The apex court said this while referring to the recommendations of the Supreme Court Committee on Road Safety and it observed that over 100,000 people die in India every year in road accidents
Digit Insurance, a new age insurance start-up, which wants to make insurance simple, has raised $44m in a second round of funding. The funding is the largest round in the Indian general insurance ecosystem. This investment brings Digit’s total funding to $94m.
I. SAFETY OF PEDESTRIANS AND NON-MOTORISED TRANSPORT
Motor Vehicles Act, 1988: There are currently no provisions in the Motor Vehicles Act (MVA) for the safety of pedestrians and non-motorised road users.
Motor Vehicles (Amendment) Bill, 2017: Amendment to Section 138 of MVA proposes the insertion of new sub-section (1A), which gives the power to State Governments to regulate the activities of pedestrians and non-motorised road users in a public place. The amendment proposes States to regulate the activities of pedestrians and non-motorised road users.
Digital or On-line Insurance is booming today in India with the insurance companies outbidding each other in selling their products online from their own portals as well as through the likes of Policy Bazar and many other Web Aggregators who have made it big as Online Insurance Agents for these insurance companies.
Health insurance industry has been witnessing the fastest growth trajectory since last so many years. Now with the introduction of Ayushman Bharat, the National Health Protection Scheme of the Govt. of India, which will cover 10 crore poor and vulnerable families (approximately 50 crore beneficiaries), health insurance in India will drive the insurance sector in India and help increase its penetration.