MUMBAI: Top private life insurance companies are revising term insurance rates till the fourth quarter. According to industry executives, reinsurers have taken a tough stance with the new Omicron variant adding to the uncertainty.
This is the second round of price hike in the life insurance industry in the current financial year. According to distributors, ICICI Prudential Life Insurance And HDFC Life Insurance has told them about the possibility of an upward revision in the fourth quarter. HDFC Life Niraj Shah, Chief Financial Officer of Insurance said that the cost of protection in India is much lower than some developed countries with better healthcare facilities and higher life expectancy.
“Historic growth in India has been less than the growth of inflation. We should expect pricing and underwriting norms to evolve in line with expanding geographic and demographic coverage over time,” Shah said. RM, MD & CEO, IndiaFirst Life Insurance Visakha said, “Global reinsurers follow business ideas in revising their rates. Home insurers depend on their support to provide cover and have to increase rates whenever reinsurance rates are revised. ,
HDFC Life is engaging with reinsurers to refine underwriting practices, deploy new technologies such as deep-learning underwriting models, and address security opportunities through our group platform.credit life) other than the individual business, which would distribute the risks more equitably
This is the second round of price hike in the life insurance industry in the current financial year. According to distributors, ICICI Prudential Life Insurance And HDFC Life Insurance has told them about the possibility of an upward revision in the fourth quarter. HDFC Life Niraj Shah, Chief Financial Officer of Insurance said that the cost of protection in India is much lower than some developed countries with better healthcare facilities and higher life expectancy.
“Historic growth in India has been less than the growth of inflation. We should expect pricing and underwriting norms to evolve in line with expanding geographic and demographic coverage over time,” Shah said. RM, MD & CEO, IndiaFirst Life Insurance Visakha said, “Global reinsurers follow business ideas in revising their rates. Home insurers depend on their support to provide cover and have to increase rates whenever reinsurance rates are revised. ,
HDFC Life is engaging with reinsurers to refine underwriting practices, deploy new technologies such as deep-learning underwriting models, and address security opportunities through our group platform.credit life) other than the individual business, which would distribute the risks more equitably
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