Author: Insurance24

17Sep

COVID-19 impact: Here’s why insurance may never be the same again

17 Sep 2020 Insurance24

The insurance companies too have now started to create products for a world where such virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis.

At a larger scale, the introduction of pay-as-you-use is probably a significant shift in the history of motor insurance in India as it seeks to become more responsive to the usage (and consequently) needs of the customers. (Image source: Getty) 

Recent outbreak of diseases like COVID-19 has led to more awareness among people

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13Sep

Does Life Insurance Cover Suicide?

13 Sep 2020 Insurance24

Even when a suicidal person holds a life insurance policy, the undoubtedly twisting decision to end one’s life offers no easy financial answers to care for those we love. Insurers pay out in some instances, but some contractual disqualifiers exclude a death benefit paid to policy beneficiaries.

When does life insurance cover suicide?

After the contestability and suicide clauses in an individual’s life insurance policy expire, life

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10Sep

Insurance market Lloyd’s of London swings to loss after $3 billion in coronavirus claims

10 Sep 2020 Insurance24
  • The company’s Chairman Bruce Carnegie-Brown told CNBC on Thursday that Lloyd’s’, whose results are an aggregate of more than 90 syndicate members, expects to pay around £5 billion in coronavirus-related claims over the course of the year.
  • Insurers around the world have been hammered by the pandemic, with Lloyd’s estimating earlier this year that non-life insurers would face a global bill of more than $100 billion in payouts for disruption to travel, business, events, trade and more.
The interior of Lloyd’s of London, the centuries-old insurance market, is pictured in central London on April 27, 2016.
Leon Neal | AFP | Getty Images

Insurance marketplace Lloyd’s of London posted a first-half pre-tax loss of £400 million ($520.08 million) on Thursday, on the back of £2.4 billion in coronavirus-related payouts so far this year.

The loss compares with a profit of £2.3

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