Insurance claim to be raised to Rs 2,500 crore from Rs 1,500 crores in new ‘living wills’

  • August 8, 2021

The Centre is raising the amount of insurance claims from the existing amount of Rs 2.25 lakh to Rs 1.25 crore, a move that will boost the number of beneficiaries to 1.75 crore.

Sources in the Reserve Bank of India told ET that the decision will ensure that insurance claims will be paid on time and in full.

The decision, which will come into effect from July 1, will be a relief to millions of Indians who had taken out life insurance policies before the financial crisis.

Insurers had already been under pressure to pay more to cover losses in the crisis, especially after insurers said they could no longer afford to cover people with chronic conditions such as asthma.

American family insurance company pulls auto insurance from usaa

  • June 16, 2021

MEDN, N.J. (MEDN) — American Family Insurance Co. has withdrawn its auto insurance policies from usa, citing a data breach.

The company says it had “a data breach and is no longer able to continue to sell auto insurance for its customers.”

In a statement, the company said it is taking steps to strengthen security for its own customers and to ensure our customers’ personal information is safe.

The company said in a statement that the incident has been resolved and that it is working to strengthen its security procedures.

In a blog post, American Family says the incident was a data theft and that there was no intent to defraud the company.

It says its data was stolen over a period of months and is now being used to protect its customers.