ICICI Lombard to merge with Bharti Axa General Insurance

ICICI Lombard general insurance company is going to merge with Bharti AXA’s non-life insurance business through a scheme of arrangement. According to ICICI Lombard, it will be the third-largest non-life insurer in India.

Who are non-insurance companies?

Non-life insurance companies are associated with providing insurance other than Life insurance. Such kinds of insurance include automobile insurance, health insurance, travel insurance, home insurance, theft insurance, etc. On the basis of the loss from a particular incident, it provides payments.

Example

Some of the Non-Life Insurance Companies in India are Agriculture Insurance Co. of India Ltd, Bajaj Allianz General Insurance Co. Ltd, Bharti Axa General Insurance Co. Ltd.

IRDAI

The Insurance Regulatory and Development Authority of India is the national agency of the Government of India for the Indian insurance industry. It is the regulatory body established under the Insurance Regulatory and Development Authority Act, 1999, and reports to the Ministry of finance. Its headquarter is located in Hyderabad, Telangana.

Objective

Its objective is to prevent fraudulent claims of the insurance product, bringing more transparency and ensuring timely settlement of claims.

Month: Current Affairs - August, 2020