GENERAL INSURANCE BLOG

Technological advancements are visible in a country like India, where economic developments are happening rapidly. These changes are accelerating the growth in all sectors, including the automobile sector. The car industry is an essential growth driver of the Indian economy, and a lot is yet to be done in this field.

Additionally, the Indian economy is set to grow by 7.4% in the coming years. This will significantly impact the automotive industry as well. Car sales in the country have grown by 50% in the last few years, and it is set to record more in the coming years. Automobile ownership will take a giant leap and be a convenient option for most commuters.

However, with such growth, the risks also increase. This also leads many fraudsters to take different ways and means to hack and steal. As the existing state of motor security in India is inadequate, every motor insurance company in India is trying to protect people against such crimes.

All next-generation cars must follow more security regulations to address these challenges. Let's have a detailed look at them.

What is the current scenario of vehicle security in India?

Like everything else, the car security statistics of India are not satisfactory. Every year, more advanced means of theft are discovered. Car theft, hijacking, and robbery are common matters these days. The cars are also more prone to theft because there aren't enough safe parking spaces, which makes them easy targets for carjackers.

What is car hacking?

The automotive industry is under the radar of cyber criminals every day. As the technology is being developed, the risk increases. Vehicles are more connected and automated than ever. This allows cybercriminals to hack into the system and steal valuable data.

They make use of malware to get into the vehicle's system and gain access to all the connected devices as well. These mischievous minds can use this to steal financial data, personal information, and the car.
They make use of malware to get into the vehicle's system and gain access to all the connected devices as well. These mischievous minds can use this to steal financial data, personal information, and the car.

What can be done to prevent it?

After the car theft crime rate is increasing rapidly, the Indian government initiated various guidelines for the automobile industry. These security regulations need to be thoroughly followed by all future vehicles. These rules will keep drivers safe and expect to reduce the crime rate. These are

1. Security standards:
The government is trying hard to elevate the safety standards of vehicles. This means that all vehicles need to be equipped with GPS trackers in the future. Additionally, an anti-theft device should be placed too.

2. Using a High-Security Regulation plate:
HSRPs come with a non-removable snap-on lock which is irreplaceable. All the vehicle details, like chassis and engine numbers, can be collected and stored in a secure database using HSRP. These unique number plates will bring uniformity by eliminating the use of fancy plates. This can also aid authorities in easily tracking your vehicle's registration number.

3. Update all software:
It is crucial to regularly update all security patches of your vehicle's firmware and other IoT software to eliminate any possibility of hacking or breaches. Another advanced solution for connected vehicles includes public-key infrastructure (PKI) that ensures a superior level of security.

4. Awareness:
Regular awareness drives and car security campaigns are mapped out for all car owners so that they can be prevented from theft. This also includes educating them about tracking devices, hacking, etc.

5. Accessible public transportation:
The government is creating a massive public transportation infrastructure for the general public's convenience. Buses and metros are being developed every day, and more cities are being included in the list of metros. This will reduce the dependence on private vehicles.

The future of next-generation cars relies on technology. GPS trackers, Bluetooth connectivity, and anti-theft devices are the future of the automotive industry. They will be mandatory in the future. Every motor insurance company is considering them while planning out their insurance policies.

Click HERE to buy a policy from the best motor insurance company.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

You're familiar with that feeling when you're on the verge of becoming ill. You feel worn out, like something is wrong, and you're colder than usual. And at that point, you start to wonder just what is happening. Is it the cold, the flu, or the RSV? Or might it just be allergies?

When you first start to get sick, it can be hard to tell the difference between these illnesses. Surprisingly, they have identical symptoms. Find out in the following article what might be causing your flu-like symptoms and when you should visit a doctor.

What are the symptoms of flu?

● Nausea, vomiting, and diarrhoea

● Muscle aches and pains

● Sore throat, running nose, or cough

● Swollen lymph nodes in the neck

● Fever

What other conditions are like the flu?

1. Cold:
Most people have experienced many episodes of the common cold. A wide variety of viruses brings it on. Symptoms of a cold include a running or stuffy nose, a sore throat, coughing, sneezing, headaches or body aches, and fever. Since there is no way to tell if you have a cold, most treatments are meant to ease the symptoms.

2. COVID:
The symptoms of COVID and the flu sometimes coincide. In its early stage, COVID symptoms are more like those of a cold than of the flu. Breathing difficulties and loss of taste or smell are two symptoms that are more prevalent with COVID.

3. Pneumonia:
Both viruses and bacteria can cause pneumonia. Cough, fever, shortness of breath, and exhaustion are the primary signs of pneumonia. It's also crucial to remember that pneumonia can develop from the flu, COVID, or a simple cold. This is only sometimes the case, though. Finding out if you have pneumonia requires a chest X-ray.

4. Bronchitis:
A lower respiratory infection or inflammation is referred to as "bronchitis." It is caused by a virus that affects the lungs, but the symptoms can last even after the infection is gone. It may be caused by persistent inflammation. Your symptoms and other medical issues typically determine your course of treatment. Steroids and inhalers are helpful for some people.

5. RSV, or respiratory syncytial virus (RSV):
RSV is a widespread virus that manifests as flu-like symptoms. In grownups, it frequently resembles and feels like the common cold. But it can hurt the lungs and cause breathing problems in young children, especially those under 6 months old. Infants with RSV have fast breathing and apparent behavioural abnormalities. They could have difficulties in eating or seem more worn out than usual. A hospital stay may be necessary for oxygen and constant monitoring during treatment.

When should you go to the doctor if you're experiencing flu-like symptoms?

● People with severe lung or heart diseases

● Very young children

● Older adults over 65

● Women who are pregnant or within two weeks of birth

● People with neurologic abnormalities, such as a history of seizures

If you experience any of the following, get medical care right away:

● Dizziness

● Pressure in the chest or stomach

● Extreme muscle tenderness

● Dehydration and inability to retain food

● Difficulty breathing or fast breathing

● No improvement in symptoms after 3 to 5 days

A healthcare professional can test you for many diseases you might have and ensure you get the right treatments. Mainly due to change in seasons, flu-like symptoms are frequent. It could be hard to tell the difference between the flu and other diseases like COVID, the common cold, or strep throat. If you have the flu but aren't sure, see your doctor for a check-up.

You can speak with your physician about receiving a flu shot if you fall into one of the high-risk categories. Your medical bills, pharmaceutical charges, hospitalisation costs, and other expenses are all covered by health insurance. Health insurance in India is now more than just a choice—it's necessary to get the best medical care without worrying about how it will affect your finances.

Click HERE to buy the best health insurance in India.

Disclaimer: The information provided above is for illustrative purposes only. To get more details, please refer to policy wordings and prospectus before purchasing a policy.

Have you thought of your insurance claim getting rejected? Scary is’nt it?

Any individual taking an insurance policy would never think about their claim not being approved, but there have been numerous incidents of insurance claim rejection. Some of the reasons could be due to negligence on the part of the policyholder, but sometimes, it could also be because of choosing the wrong policy provider who looks for loopholes to avoid paying claims.

Claim settlement becomes especially important in the case of life insurance policy, where an entire family’s short-term sustenance may depend upon the claim amount.

What is Claim Settlement Ratio?

As the name suggests, the Claim Settlement Ratio is the number of claims the insurance provider has settled up until now. For instance, if the company has a claim settlement ratio of 80%, then that means that the particular company has settled 80 out of every 100 claims that were filed by policyholders.

Magma HDI has maintained an exceptional CSR of 94.1% in FY 17-18 compared to the industry average of 87.2%. With our convenient and efficient claim settlement process, we were able to ensure less than 30-day claim settlement for almost 87.17% of the total claims made in the year. 

Why is the claim settlement ratio important?

It is essential to consider every aspect so you can take an informed decision before picking the right insurance provider and signing the policy papers. This becomes particularly important when taking life insurance, as, in the event of your untimely device, you will leave behind a financial security cushion for your dependents to fall back on.

The Claim Settlement Ratio is an indication of the likelihood of the policy provider to pay the claim. Companies that have a higher claim settlement ratio are automatically trusted higher as compared to companies with a lower ratio.

Few reasons for claim rejection:

• Withholding critical information at the time of taking the policy can seriously impact the likelihood of your claim getting settled as it affects the risk assessment – Can be written as tell the truth always! no matter what
• Not understanding or being unaware of the company’s terms and conditions could lead to complications or incorrect/incomplete information that could then lead to rejection. Therefore, make sure you understand the clauses and use the free-look period to ensure that you’ve made the right selection
• Faltering during the claim filing process is one of the key reasons for claim rejection. Therefore, you must thoroughly follow the process before filing your claim

Now that you know all about the Claim Settlement Ratio and how it impacts your chances of claim settlement, you can make an informed decision and choose the right provider. 

It is hard to name a single businessman who hasn’t taken risks, but you will know many brave ones who trusted luck and risked everything. Truth be told, as a responsible business owner and citizen, one needs to be prepared with and Magma HDI Genaral Insurance Company offers a wide range of liability insurance policies that give you

1. Compensation for damage/loss of property or human injury

2. Covers your legal liabilities towards damage to any third party, along with the legal costs and expenses incurred by the insured.

3. It applies to both industrial and non-industrial establishments.

4. Compensation for damage/loss of property or a human injury caused due to defects in product manufacturing

5. Even after ensuring the highest quality standards and assessment parameters, a manufacturing defect in products is still possible and can cause mishaps.In such instances, Magma HDI Liability Insurance covers the liability to a third party.

6. Compensation for damage caused due to human negligence

Be it any professional– doctor, engineer or lawyer – involuntary errors and omissions could seriously impact their customers’ health, well-being, or financial stature. Liability insurance will take care of any liabilities that may arise due to negligence while executing your responsibilities.

Smart and trusted businesses quickly compensates loss or damage that might occur during the regular course of business as they are backed by their Liability Insurance policies and so can you CLICK HERE for buying Magma HDI’s liability insurance Policy.

Accidents happen. Sometimes due to negligence and sometimes due to sheer bad luck.

What if a customer slips and falls at your premise and breaks a bone? Or purchases an electrical device from you which causes a short circuit at their home resulting in a fire? In either of these incidents, as a business owner, you can be liable to compensate for the loss/damage to life, property and the legal fees a third party incurs.

An Example

A famous incident that highlights the need for public liability insurance is the 'hot coffee lawsuit' of 1992. The plaintiff, 79-year-old Ms Liebeck accidentally spilt hot coffee on her lap, (while in her car) purchased from a renowned fast-food retailers outlet. She spent eight days in the hospital because of third-degree burns, had to undergo a skin graft and two years of follow up treatment. Her attorney argued that the coffee served at 82-88 degrees was significantly hotter than what other outlets served (60 degrees) and was a burn hazard even if consumed immediately.

The jury initially awarded Ms Liebeck US$160,000 as compensation and coverage for medical expenses in addition to US$2.7 million in punitive damages. After a prolonged court battle and multiple appeals, the parties settled out-of-court in 1994 for an undisclosed amount, said to be under US$600,000.

Most businesses do not have the time, resources and deep pockets to weather such lawsuits.

Thus, every business needs to protect its interests and that's what a Public Liability Insurance can help them do. Here are six things you should know about Public Liability Insurance (PLI) in India:

1) Who needs it

Enterprises that regularly entertain the public such as restaurants, shops, educational institutes, sporting areas, etc. should get public liability insurance. It also applies to businesses that work in public spaces or private homes such as building contractors, electricians, etc.

2) Scope of coverage

The insurance covers the cost of damage/medical treatment and legal fees if any third party sues your business. This includes customers, vendors, and general members of the public excluding your staff (that comes under workers compensation).

3) Domicile of coverage

The coverage is not geographically restricted. It covers incidents at your premises or those at a customer/ clients location.

4) Cost

The cost of your PLI depends on the nature, size and scale of your business. Enterprises that deal with hazardous substances or have multiple outlets/ franchisees, etc. will have to pay more due to greater probability of a mishap.

5) Customizations

You can customize the coverage after assessing your needs. For example, a small café would probably need a considerably lower cover than a 5-star hotel complex. You may also choose add-ons for extra protection. For instance, the act of gods covers situations such as floods, lightning etc. which end up being frequent causes of dispute.

6) Legal Requirement

Even though businesses are not legally bound to opt for a PLI, certain lease agreements or trade associations make it binding on the lessee/partner to obtain the insurance. Many private parties too may not contract services to a business or tradesman without a PLI.

7) Exclusions

Like any other insurance policy, Public Liability Insurance In India is also subject to exclusions. Some common exclusions of insurance providers in India are- disputes related to pollution, slander, fines and penalties. Please refer to your plan's policy wordings for a better understanding of the same.

Many-a-times businesses fail to realize the damage to goodwill due to an incident is greater than the cost of financially alleviating the situation. To know how you can secure your business and do right by all stakeholders, have a look at what Magma HDI has to offer.

With the continuous rise in international trade, the volume of marine cargo is also increasing. Marine cargo has always been and will be an important component of international trade. With more and more businesses opting to transport their goods through marine cargo, the market is on the rise for shipping companies. This increase in business also increases the importance of having a comprehensive marine cargo insurance policy.

Irrespective of the fact how simple you might think a marine cargo insurance policy is, several claims get rejected every year due to one reason or another. You must, therefore, immediately take the necessary steps to ensure that your insurance claim does not meet the same fate.

Here is a list of the events when your marine cargo insurance claim can get rejected and how you can avoid them.

• 1. Insurance policy is not proper: - Not all marine cargo insurance policies cover for all types of damages. This is why you must have a comprehensive marine cargo insurance policy. If your policy does not cover the damage for which you have filed a claim, your claim will get rejected. Moreover, any changes in the constitution of your assignment or cargo might also lead to this rejection. You must, therefore, review for policy periodically and get it updated as and when required.
• 2. Mistakes in filing the claim: - Whether you have failed to file your claim within the requisite period or have filled the claim form incorrectly or have filed a claim under a wrong policy, the marine insurance companies will not hesitate in rejecting your application. Even, if they do not dismiss the claim outright, they might delay it for many days. Therefore, you must give this responsibility to an expert who has successfully filed such claims in the past. 
• 3. Mishandling of goods: - If you have not packed the goods correctly or your personnel has been mishandling them, then the insurance claims filed thereon will be rejected by the insurer. You must, therefore, ensure proper packaging and careful handling of the goods on your vessel. 
• 4. Perishable Goods: - Even if your insurance policy specifies that losses suffered due to delays will be compensated, it does not cover damages caused to goods of perishable nature. You must, therefore, check with your insurance company if such goods are covered under the policy or not, before accepting them. 
• 5. Negligent Maintenance: - If you have not been paying attention to the maintenance of your vessel, marine insurance companies will certainly reject your claim. As your vessel will be plying in rough waters as well, so the chances of it suffering from damages are very high. These damages must be repaired as soon as possible to ensure the safety of the personnel as well as the cargo. You must, therefore, ensure that your vessel undergoes regular maintenance and follows safety and standard operating procedures. You should also keep a log of the repair and maintenance work carried out on the vessel, as it will help with your claim later on.

You must therefore carefully assess your needs, discuss them with your marine insurance company and only then subscribe to a comprehensive marine cargo insurance policy that caters to all your requirements.

Ocean shipping is one of the most cost-effective means to ship out your goods to international borders. If a business acquires large bulks of orders from foreign customers wherein there are no quick delivery protocols, then shipping goods by the sea is the most viable option. However, there are some demerits attached to this practical advantage. Shipping goods via sea or ocean floor depends highly on factors like; weather, human-error, technical issues, and etc.

The hazards of not comprehending such factors might lead to disasters or accidents in the ocean, which further adds monumental loss to both business owners and the environment. This can be easily averted if you plan and get hold of proper marine insurance to combat the risks of shipping. Some of the better-known dangers related to sea shipping and how insurance can help tackle them includes;

• The occurrence of natural calamities - Perils never comes knocking on doors; they strike on decks without a single warning. Thunderous sea-storms, cyclones or tsunamis can destroy well set stocks and lives of those sailing on carrier ships. We cannot challenge the force of nature but what we can do is opt for marine insurance online to cover the losses, injuries, or damage caused during such natural disasters.
• Human Errors - There are certain dangers caused by man that could lead to a disastrous situation. Having untrained ship sailors or workers who load and unload goods with negligence and carelessness might create rooms for few accidents to occur in transit.
  A reliable shield in the form of marine insurance to handle the mismanagement of shipping goods by workers would be a great help in such situations.
• Geographical Hazards - Apart from natural distress signs, there are other forms of dangers present at sea in the name of geography. Try remembering Titanic, an unsinkable ship that sank nevertheless by hitting a massive iceberg. Big cargo ships going through narrow canals, icebergs, rocky shores or shallow coral reefs can get caught on sides or bottom, hence creating unimagined losses.
  Mitigating such losses by having a rational marine insurance plan is one way, and another way is to have the ship properly tested for such hazards and assign a well trained, professional staff for commandeering the vessel.
• Technological Issues - Such issues are more or less related to the ship's structure, engineering equipment, navigational tools, or motor engines. If the boat starts leaking oil in the ocean or one of the propellers is jammed due to long years of service, it could sustain significant damage to the goods on board.
  To avoid such substantial financial losses; having a well-planned marine policy that can cover the ship's outer and inner structure after a thorough inspection is the right way to go.

Businesses work for profit and if your business requires delivering goods via sea or ocean, then why not keep yourself financially protected with a Marine Insurance cover and keep the profits intact.

Your car insurance comes with an annual premium, which helps you bear the financial losses that may arise due to an accident. While a claim-free year may seem like a waste of money since you paid the premiums but didn't really use the benefits, it's really not the case. Firstly, having insurance provides you with mental peace that in the case of any mishap, your finances will be covered. Secondly, your insurance provider offers you discounts on your next year's premium if don't make a claim in the previous year. This is what is known as a No-Claim Bonus (or NCB). Keep reading to find out more on how to maximize savings on your Private Car Insurance In India.

What should you know about NCB?

Car insurance companies reward vehicle owners who drive safely with no-claim bonuses. The bonus becomes applicable if you get through one policy year without making a claim. The company pays the discount on Own Damage (OD) premium for each claim-free year

Typically, the amount can vary from one insurer to another. But, discounts begin at 20% per year and can go up to 50% for five claim-free years or more.

How does NCB work?

When a policyholder does not file any claim in the past one year, a no-claim bonus is initiated by the insurer.

As a result of this, you’ll get a discount on your annual premium amount subject to increase with every succeeding year.

Things to remember about NCB in India

An essential feature of NCB is that it relates to the policyholder, not the vehicle as it rewards you for precautions taken on your end. So, you can retain your NCB even if you replace your existing vehicle. Other prominent features of a no-claim bonus are:

• Applies even when you switch the insurer

When you switch from one insurer to another, the no-claim bonus remains unaffected. For example, if you have a policy from company X for the last five years with no claims made and you shift to company Y later on, the company Y will give you a benefit of 50% discount on your annual premium as NCB.

• Bonus increases every year

The insurance companies calculate your no-claim bonus in the range of 20%-50% on an annual incremental basis.

• Doesn’t apply on third-party cover

Keep in mind that the no-claim bonus applies to the own damage or OD cover on your auto insurance. So, if you have only the third-party (TP) cover, you’re not eligible for NCB. However, if you have both OD and TP protection, you’ll receive the discount proportionately.

Protecting your NCB

As NCB policyholders, you are entitled to a maximum discount of 50% for five claim-free years. However, this discount expires if you make even a single claim. In such a case, to protect your NCB, insurers give you the option of opting for an add-on cover. It covers your claim in order to protect your NCB.

Another great hack to keep your NCB would be to avoid making claims for smaller damages.

Head over to Magma HDI to find out more about NCB available with your private car insurance in India.