Omicron can affect the price of term insurance
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International Dex: The stabilization of the insurance market has been further delayed after the capture of a new variant of the corona virus, Omicron. Among the insurance companies that were going to raise term insurance prices this month are now waiting to see the impact of Omicron. They will decide on this basis later. MTA told the Times of India Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance.
In an interview with the Times of India, Tarun Chugh said prices would rise from this month after contacting reinsurers following the announcement last September to increase the rate of term insurance and tighten the process. The situation in South Africa will be monitored for the next two to three weeks. The issue of rising term insurance is ongoing and we hope the situation will stabilize. But the matter is somewhat unknown to us.
Tarun Chugh said that while life insurance companies keep their term insurance prices unchanged, reinsurance companies revise prices regularly based on their experience. In the meantime, many insurance companies are considering raising the term insurance premium rate on the advice of their reinsurance companies. But in the meantime, newer variants of the Corona have hampered the process.
According to a report released by the rating agency ICRA last week, the total insurance volume of the private sector increased by 1 per cent to Rs 4.04 lakh crore in FY 2021. Life insurance companies alone grew by 7.5 per cent to Rs 7.9 lakh crore.
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