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General Insurance News
THE INSURANCE TIMES|January 2025
In 2023, India saw a record number of road fatalities, with over 1.72 lakh deaths reported, marking a grim milestone in traffic-related casualties.
General Insurance News

India Records Highest Road Accident Deaths in 2023, Pedestrians and Two-Wheeler Riders Most Affected

Union Road Transport Minister Nitin Gadkari revealed that pedestrians accounted for one in five deaths, while two-wheeler riders made up 45% of fatalities. Speaking at an event in Lucknow, Gadkari highlighted alarming trends, including nearly 10,000 fatalities involving individuals under 18 and around 35,000 accidents in institutional areas near schools and colleges.

Key factors contributing to these deaths included non-use of helmets (54,000 fatalities), lack of seatbelt usage (16,000 deaths), and vehicle overloading (12,000 deaths). Uttar Pradesh reported the highest casualties, with 23,650 deaths, including 10,000 involving pedestrians and two-wheelers, and 8,726 attributed to speeding. The need for stringent road safety measures remains urgent.

Road Fatalities Surge Amid Lack of Law Enforcement: Gadkari

Union Minister Nitin Gadkari highlighted in Parliament that road fatalities in India have risen due to a lack of respect and fear for traffic laws. Addressing the issue during Question Hour, Gadkari, who survived a severe road accident himself, emphasized that efforts to curb fatalities have been hampered by lax enforcement and public indifference. He identified four pillars for reducing accidents: road engineering, automobile safety, law enforcement, and public education.

Gadkari revealed that 30,000 deaths annually occur due to non-use of helmets, and despite increased penalties, compliance remains poor. With over 1.68 lakh road deaths this year, he urged collective action from public representatives, media, and society, warning that stricter rules alone won't suffice without societal cooperation.

Jaipur Highway Explosion Claims 12 Lives, 40 Vehicles Destroyed

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MÁS HISTORIAS DE THE INSURANCE TIMESVer todo
"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."
THE INSURANCE TIMES

"United India Insurance has undertaken significant innovative transformations and is strategically positioning itself to better address the evolving needs of its customers and maintain a competitive edge in the market."

Q: Could you start by giving us a brief overview of United India Insurance Company's performance over the past year?

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8 minutos  |
March 2025
The Role of AI and Big Data in Transforming Life Insurance Underwriting
THE INSURANCE TIMES

The Role of AI and Big Data in Transforming Life Insurance Underwriting

The life insurance industry is undergoing a significant transformation, driven by the adoption of Artificial Intelligence (AI) and Big Data. Traditional underwriting methods relied heavily on lengthy paperwork, manual risk assessments, and standardized criteria, which often led to inefficiencies, delays, and conservative risk evaluations.

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3 minutos  |
March 2025
Unlocking the Implication of Warranty
THE INSURANCE TIMES

Unlocking the Implication of Warranty

It is heartening to note that the regulator in India (IRDAI) recently formed a high-power panel to suggest measures for insurance reforms. It is expected to examine various areas of the Insurance Act 1938 and recommend suitable and adequate amendments in keeping with the changing business trends and requirements of the customers.

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7 minutos  |
March 2025
The future of work: Model of the Talent Life Cycle (TLC)
THE INSURANCE TIMES

The future of work: Model of the Talent Life Cycle (TLC)

Its time that organizations understand that the perfect candidate with the perfect set of skills will be scarcely available in a highly competitive labor market. Hence we have to focus on our existing employees and identify opportunities to train or refocus their skills into new positions.

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6 minutos  |
March 2025
Life Insurance News
THE INSURANCE TIMES

Life Insurance News

SBI Life Insurance Company added 1.76% after the company reported 71.19% increase in net profit to Rs 550.82 crore despite a 52.21% fall in total income to Rs 18,542.16 crore in Q3 FY25 over Q3 FY24.

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5 minutos  |
March 2025
Smart Pension Plan for Smart People
THE INSURANCE TIMES

Smart Pension Plan for Smart People

LIC Smart Pension Plan is a single premium, instant annuity plan that provides lifelong financial security through guaranteed pension payments. Ideal for retirees and professionals looking for a stable retirement income, the scheme offers flexible payout options, death benefits, credit facilities and tax benefits.

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5 minutos  |
March 2025
Al-Powered Investigation: The missing link in India's fight against insurance fraud
THE INSURANCE TIMES

Al-Powered Investigation: The missing link in India's fight against insurance fraud

Every year, insurers lose 8-10% of their revenue to fraud, but they manage to thoroughly investigate only about 1% of fraudulent claims. This ongoing issue continues because of significant gaps in the current fraud detection and investigation practices.

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4 minutos  |
March 2025
Health Insurance News
THE INSURANCE TIMES

Health Insurance News

Despite a steep increase in premium for health insurance policies in the last one year, there has not been any decline in renewals and the demand for new policies, say experts.

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5 minutos  |
March 2025
Insurance Regulator Update
THE INSURANCE TIMES

Insurance Regulator Update

The first phase of Bima Sugam - an ambitious project of the insurance regulator to create an Amazon-like one-stop digital platform for buying, selling, and servicing insurance policies - is expected to be rolled out in the mid of this year instead of April announced earlier, a source privy to the development said.

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4 minutos  |
March 2025
Mahakumbh at the Parliament! Union Finance Budget 2025
THE INSURANCE TIMES

Mahakumbh at the Parliament! Union Finance Budget 2025

The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.

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3 minutos  |
March 2025

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