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Khaleej Times
2 days ago
- Business
- Khaleej Times
UAE: Travel insurance premiums see double-digit increase
Travel insurance premiums in the UAE have surged at a double-digit rate, particularly for Europe-bound travellers, as the peak outbound travel season approaches, according to industry experts. Toshita Chauhan, business head – general insurance at Policybazaar UAE, said premiums have risen by 12 per cent to 18 per cent year-on-year. This translates to an increase of Dh15 to Dh70 per policy, depending on the travel duration, destination, and age of the travellers. "The primary factors driving this increase include rising global medical costs and a spike in claims from Europe-bound travellers - especially to Schengen countries - largely due to hospitalizations and baggage losses," Chauhan told Khaleej Times. She noted that popular European destinations such as France, Spain, and Italy are leading in medical emergency claims. Meanwhile, tropical destinations like Thailand, Bali, and the Maldives have seen a rise in trip cancellations due to weather-related disruptions. Travellers from the UAE heading to the UK and USA are reporting some of the highest medical treatment costs, contributing to elevated premiums. While missed flight connections and baggage delays have also emerged as the two most common claim categories among UAE residents this year, she added. Summer rush Summer is the peak travel period for outbound UAE tourism, coinciding with school holidays that last over two months. Many families opt for vacations in cooler European climates during this time, leading to a sharp spike in airfares – particularly to high-demand destinations like the UK. Dubai Airports and Emirates airline regularly issue passenger advisories ahead of the summer rush, especially during July, when hundreds of thousands are expected to depart from Dubai. Highest premium payers Chauhan also highlighted that travellers aged 60 and above have experienced the steepest hike in insurance premiums, with rates rising between 25 per cent and 30 per cent. Meanwhile, those seeking coverage for adventure sports have faced the highest increases – up to 40 per cent more than standard base plans. 'Annual multi-trip policies have also become more expensive, with rates climbing over 15% due to evolving claim trends and longer average travel durations,' she added. Hitesh Motwani, deputy CEO at said insurers are responding by offering more streamlined and budget-friendly plans to make travel insurance more accessible. 'These tailored policies allow travellers to choose coverage that fits their specific needs and financial plans. Despite the recent hikes, travel insurance remains relatively affordable on a per-trip basis,' Motwani said. He pointed out that while not all countries require travel insurance for incoming travellers, many have made it mandatory for visa issuance or entry. 'For example, the Schengen zone requires a minimum medical coverage of €30,000, including repatriation. Thailand mandates insurance for specific visa categories, particularly long-term stays. Russia requires coverage for those applying through unified e-visas, and Turkey makes it a condition for visa applicants,' he explained.
Time of India
3 days ago
- Business
- Time of India
Most listed new-age startups improve Q4 profitability; Swiggy, Ola lag behind
Out of the 17 new-age companies listed on Indian stock exchanges, 11 reported an improvement in profitability for the January-March quarter, either by expanded profits or narrower losses, in a sign of better operational performance. This group includes Nykaa , Delhivery , BlackBuck, Paytm, Policybazaar, Go Digit , Ather Energy and Ixigo . However, six others saw a deterioration in their bottom lines. These include food and grocery delivery firms Swiggy and Eternal , which ramped up cash burn amid intensifying competition in the fast-growing quick commerce sector. Losses also widened for FirstCry , Mobikwik and Ola Electric. For Ola Electric, the fourth-quarter loss more than doubled to Rs 870 crore even as its operating revenue plummeted 62%. Among the lot of these 17 companies, beauty and fashion retailer Nykaa and Policybazaar parent PB Fintech were the top performers, having posted 24% and 38% year-on-year growth in revenue for the fourth quarter, while also more than doubling their profits. ETtech Brokerages underscored the improvement in margins for these two companies, which went public in 2021, suggesting the momentum could continue. For PB Fintech, Citi Research highlighted a one-percentage-point expansion in contribution margins for the March quarter — which came after three quarters of contraction — in addition to reduced expenses on employee stock option plans as key drivers behind its strong profitability momentum. Live Events On Nykaa , brokerage firm JM Financial said strong working capital enhancement ensured that the company had its first year of positive cashflow since Covid, after adjusting for lease liabilities and capital expenditure. 'We believe core BPC (beauty and personal care) will benefit from repeat purchases from customers acquired this year, resulting in sharper margin improvement in the coming years. Nykaa's ability to deliver robust growth in a tepid demand environment along with margin enhancement demonstrates its differentiated market positioning,' the firm said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Beauty retailer Honasa Consumer , the parent of Mamaearth, meanwhile saw its profits falling 15% during the quarter on back of the company's offline restructuring exercise. The company's management indicated that it is now expected to see the positive impact of the rejig. ETtech Quick burn The fourth quarter saw increased cash burn for Gurgaon-based Zomato parent Eternal and Bengaluru-headquartered Swiggy in their quick commerce units, Blinkit and Instamart , respectively. This impacted their consolidated earnings, particularly at a time when their largest segment of food delivery is undergoing a slowdown. Going ahead, senior executives of the two companies laid out differing views on how they see profitability. Eternal said Blinkit will aggressively chase market share even if it comes at the cost of near-term profitability. On the other hand, Swiggy group CEO Sriharsha Majety said the operating losses for Instamart peaked by the end of the January-March quarter, and the company expects to 'progressively unwind losses' from here on. Eternal reported a 78% fall in its net profit to Rs 39 crore in the past quarter, while Swiggy's net loss nearly doubled to Rs 1,081 crore. A research note from HSBC Securities said Blinkit lost Rs 2 for every Rs 100 of gross order value (GOV), while Swiggy lost Rs 18. 'Cash burn for Swiggy was even higher than profit losses. In terms of competitive intensity, while the next few months are tactically favourable for Blinkit and Swiggy Instamart, competition may get intense again in the second half of this year and next year (2026),' it said. EV mixed bag For Ola Electric, the March quarter saw not only expanding losses but also a significant fall in revenue as the company went from being the leader in electric two wheeler segment to now falling behind legacy players such as TVS Motor and Bajaj Auto in terms of market share. Analysts at Kotak Institutional Equities, while downgrading their call on Ola Electric's stock to 'sell', said its future 'hinges on scaling up volumes' and a 'successful motorcycle foray', and that the company 'faces executive and credibility challenges'. According to the brokerage firm, the company's performance during the past couple of quarters has been marred by weaker scooter volumes and rising warranty provisions, which have weighed on its profitability. 'Volume trends have been impacted by increased competitive intensity and several quality issues faced by customers,' the analysts added. The company's operating revenue for the March quarter came in at Rs 611 crore – lower than its rival Ather Energy, which posted Rs 676 crore in top line . To be sure, Ather Energy, which went public in May, clocked less than half the scooter volumes compared with la Electric in fiscal 2025. Even though Ola Electric's losses expanded, Ather Energy saw its loss narrowing 17% during the March quarter. Logistics on firm ground New-age logistics firm Delhivery and truck aggregator platform BlackBuck both reported profits for the fourth quarter, compared to losses in the year-ago period. For Delhivery, the profitability in the March quarter meant it posted its first full year of net profit as its core transportation business continued to show improvement in operating efficiencies. BlackBuck, which went public last year, reported a net profit of Rs 280 crore, a major chunk of which was on account of a one-time tax credit. However, even on a pre-tax basis, BlackBuck turned profitable, reporting a Rs 41 crore profit, as it tightened expenses particularly under the heads of employee benefits and interest costs.
News18
5 days ago
- Health
- News18
Do You Smoke? It Might Be Making Your Term & Health Insurance More Expensive
Last Updated: Insurers usually classify someone as a smoker if they've consumed any form of tobacco—including cigarettes, cigars, beedis, or chewing tobacco—within the past 12 months. World No Tobacco Day: World No Tobacco Day is celebrated every year on May 31, as a stark reminder of the dire consequences of consuming tobacco not only in our health but also on our wallets too. According to Global Adult Tobacco Survey 2016-17, 28.6 per of adults aged 15 and above use tobacco in any form. The survey states that every tenth adult smokes tobacco in India. Little did we know that smoking also directly affects our wallets, especially when it comes to buying insurance policies. Be it term or health insurance, smokers often end up paying significantly higher premiums than non-smokers. Term Insurance: Twice the Price For Smokers According to Varun Agarwal, Head of Term Insurance at Policybazaar, smokers may pay 80% to 100% higher premiums on their term insurance policies. The reason is simple—tobacco use greatly increases the risk of fatal diseases like cancer, heart conditions, and chronic respiratory issues. These health risks make smokers a high-risk group for insurers, translating into higher premiums. Smokers normally pay between 20% and 50% more in premiums than non-smokers, depending on the company and the overall health profile of the company and the overall health profile of the person, explained Chetan Vasudeva, Senior Vice President – Business Development at How Is Being Smoker Classified? advetisement Varun Agarwal explains that insurers usually classify someone as a smoker if they've consumed any form of tobacco—including cigarettes, cigars, beedis, or chewing tobacco—within the past 12 months. 'This classification is based on both self-declaration and medical evaluation," he adds. 'Non-disclosure or misrepresentation may result in rejection of claims or even cancellation of the policy," Vasudeva warned. What If You Quit Smoking Later Part Of Life After Buying Term Insurance? Unfortunately, it doesn't change much. 'Once your term life insurance policy is issued with a 'smoker' classification, the premium is locked in for the entire term," Agarwal said. In other words, quitting after purchase won't reduce your premium. The good news is there is no waiting period for tobacco-related illnesses in term insurance once the policy is active. Health Insurance: Higher Costs And Waiting Periods There's a bit more flexibility in health insurance. If a smoker stays tobacco-free for 12 to 24 months and can provide medical proof, some insurers may reclassify them as a non-smoker during renewal, potentially lowering the premium. But this isn't guaranteed and depends on the insurer's policies, explains Chetan Vasudeva. However, a waiting period of 2 to 4 years is usually applied for tobacco-related illnesses such as lung cancer or COPD, especially if the condition existed before policy issuance. Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Varun Yadav First Published: May 31, 2025, 12:57 IST
Time of India
23-05-2025
- Time of India
Millennials Travel: Travel Insurance Soars as Millennials Lead Summer Travel Surge, ET TravelWorld
Advt By , ETTravelWorld Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETTravelWorld App Get Realtime updates Save your favourite articles Scan to download App Millennials are leading the 2025 summer travel season, comprising 51.12 per cent of total travellers, followed by Gen X at 19.31 per cent and Gen Z at 18.39 per cent, according to exclusive data from Baby Boomers maintain a modest share of 11.15 per cent, possibly due to health and mobility destinations continue to show a global spread, with the United States topping the international chart at 5.23 per cent of bookings. France (4.63 per cent), Singapore (4.61 per cent), Switzerland (4.53 per cent), and Thailand (3.69 per cent) round out the most popular destinations. However, when comparing broader regions, Asia leads with 36.57 per cent of summer travel bookings, outpacing Europe at 31.77 per cent.A significant shift has been observed in the approach to travel insurance. In 2024, just 24 per cent of travellers booked insurance early. In 2025, that figure has risen sharply to 76 per cent, marking a 100.3 per cent growth in early bookings. The surge is attributed to increased risk awareness and visa requirements for several insurance coverage preferences are also evolving. Around 62 per cent of travellers now opt for policies offering USD 250,000 or more, compared to the previously typical USD 100,000 sports add-ons have become increasingly popular, with 84 per cent of add-on purchasers choosing this rider, reflecting the growing appeal of activity-focused travel. Other notable choices include visa fee refund riders (9 per cent) and pre-existing disease cover (6 per cent).Family travel saw a 6 per cent increase, coinciding with school holidays, yet awareness around paediatric insurance coverage remains limited. Many policies offer minimal coverage for children, particularly for congenital or pre-existing conditions, underlining the importance of detailed plan and group travel bookings rose by 9.6 per cent and 9.3 per cent, respectively, in April 2025. The average trip duration across all traveller categories ranges from 17 to 18 Kapadia, Head of Travel Insurance at Policybazaar, commented, 'Travel insurance is no longer seen as optional. It's now becoming a must-have part of planning any trip. 62 per cent of travellers are now opting for coverage of USD 250,000 or more, showing a clear preference for stronger protection and peace of mind over just saving on cost.'
Economic Times
21-05-2025
- Business
- Economic Times
UPI, credit cards grab top spots for insurance premium payments: Policybazaar data
Live Events Unified Payments Interface (UPI) and credit cards have emerged as the two most popular payment modes used by consumers while paying for their insurance premiums, according to data analysed by insurance marketplace Policybazaar PB Fintech-run Policybazaar said health, term and motor insurance products have seen the highest adoption of UPI payments in the last one year. Motor insurance purchases already had more than 50% of payments going via UPI. For health insurance, the share of UPI payments stood at 25%.Policybazaar is the largest insurance marketplace in India. The Gurugram-based company processed Rs 23,486 crore in insurance premiums in FY2025. The publicly listed firm currently has a market capitalisation of Rs 79,274 crore. It closed FY25 with a total revenue of Rs 4,977 crore and a net profit of Rs 353 cards have emerged as the most popular payment method for term insurance products and insurance-cum-savings products, where the ticket size might be on the higher side.'This suggests a behavioural shift that customers are actively choosing credit cards to tap into rewards and financial flexibility. While UPI grows here too, the dramatic rise in credit cards signals a calculated, desktop-driven purchase behaviour,' said Harsh Vardhan Masta, head of payments at all the payment modes, debit cards have shown a 17% decline in usage year-on-year (YoY) for all kinds of insurance purchases. The trend shows that consumers mostly try to use their credit cards for large purchases, or if they are paying from their bank accounts, prefer UPI over debit the usage of net banking has continued to grow, even when cards and mobile payments have taken off. Overall usage of netbanking for these payments has doubled in the last one year, data debit cards might have lost favour in India, for Indians settled outside the country, cards continue to be the most popular payment mode. According to FY25 data, credit cards had a 57% share of the payments and debit cards, 42%.
