Latest news with #PolicyBazaarforBusiness
Time of India
24-07-2025
- Business
- Time of India
How PolicyBazaar for Business is pioneering proactive risk management for fast-growing businesses
In a comprehensive presentation, Sajja Praveen Chowdary, Director and Head of PolicyBazaar for Business, outlined the precarious relationship between risks and growth for fast-growing Indian businesses. Speaking at the Economic Times Soonicorns Summit 2024, Chowdary highlighted key risks across reputation management, regulatory compliance, legal and IT, and cyber threats. A lack of standardised protocols for risk management, limited financial resources, and a greater dependency on technology and data, making businesses more vulnerable to cyber crimes, were all noted. The pressure to innovate quickly, which can result in poor due diligence and emerging leadership, further increases these risks. One misstep and these threats could easily push startups into chaos. Enter PolicyBazaarforBusiness with its thoughtful risk mitigation ecosystem, shifting from a reactive to a proactive approach. Show more Show less
India Today
13-06-2025
- Business
- India Today
Air India crash: How airline insurance works and why premiums may rise
In the aftermath of the catastrophic Air India crash in Ahmedabad, there has been a significant focus on the role of airline insurance in such unfortunate events. The incident is expected to trigger India's costliest aviation insurance claim, with the payout likely to exceed $120 million, people familiar with the matter said, as quoted by The Economic what exactly does airline insurance cover, and how long does it take for victims' families and the airline to get the money? Let's break it down in simple DOES AIRLINE INSURANCE COVER?Airline insurance primarily comprises three main components: physical damage to the aircraft, passenger legal liability, and third-party liability. According to Evaa Saiwal, Business Head Liability, Cyber, and Speciality Risk at PolicyBazaar for Business, commercial airlines typically invest in comprehensive aviation insurance, which usually includes hull insurance, passenger liability, third-party legal liability, cargo liability, and crew personal accident cover."Hull insurance covers physical damage to the aircraft itself, whether on the ground, during taxiing, or in flight. Liability insurance protects the airline from legal claims arising from bodily injury, death, or property damage caused to third parties, including passengers, airport personnel, or people and property on the ground," she Saiwal further mentioned that hull coverage reimburses the airline, whereas liability coverage benefits the victims or their families, in line with global frameworks like the Montreal this incident, the hull loss is pegged at around $80 million, mentioned the report. Passenger legal liability, covering injury or death of passengers, and third-party liability, for damage or injury to those on the ground, are also included in the coverage. Such liabilities, especially in the case of high-net-worth passengers as seen in the Air India crash, could push the claim amount significantly ARE AVIATION INSURANCE PREMIUMS AND RISK ASSESSMENTS INFLUENCED BY SUCH ACCIDENTS?Incidents like the recent Air India crash can result in a total loss, meaning the aircraft is beyond repair with no salvageable parts. In such cases, the losses can reach around $130 million, roughly $80 million for the plane and $30-50 million in high-cost claims often lead insurers to reassess risk factors more strictly. Underwriters may tighten criteria, especially focusing on the aircraft's condition, before issuing or renewing legal liability covers injuries or fatalities, while baggage loss, including electronics, is also compensated. Additionally, travellers with personal travel insurance may receive extra benefits for emergency medical care and trip to Rakesh Goyal, Director at Probus, "In situations as devastating as the Ahmedabad plane tragedy, passenger insurance is critical in providing financial assistance. It offers compensation to families or survivors in the event of accidental death or injury, based on the specific terms of the coverage. For airlines, such policies are typically mandated under aviation regulations and offer benefits that include accidental death compensation, medical expenses for survivors, and in some cases, even support for repatriation."advertisement"It's one of those protections we hope is never needed, but when something terrible happens, like what happened in Ahmedabad, its necessity becomes undeniable," he IS THE TYPICAL TIMELINE FOR SETTLEMENTS?Settlements for aircraft damage are usually processed relatively quickly. However, claims related to passengers and third parties often take much longer, typically between two to three years or delay is mainly due to legal proceedings, thorough investigations, and the need for proper verification before compensation is following the tragic plane crash, Bajaj Allianz Life Insurance has simplified its claim process. Nominees or legal heirs can initiate claims with minimal paperwork. In cases where the death certificate isn't immediately available, a hospital or municipal certificate will suffice, along with KYC and bank details of the AVIATION INSURANCE PREMIUMS RISE AFTER THE AHMEDABAD PLANE CRASH?The impact of such incidents on insurance premiums is considerable. Experts note that underwriters may introduce more stringent parameters when assessing the policy terms, especially concerning the aircraft's events affect not just the airlines involved but also have a ripple effect across the global insurance landscape. This crash is poised to push global aviation insurance rates higher, particularly affecting markets like India where loss ratios have been relatively Watch
