What is Professional Indemnity Insurance

Professional liability arises from the failure to use the degree of skill expected of a person in a particular field. Professional liability insurance is insurance covering liability arising out of providing professional services to others. By law, professionals are required to perform the services for which they were hired in accordance with the terms of…

Health, motor or property cover may cost more from April

Buying general insurance such as health, motor or property cover could cost more from April. The finance ministry has asked the national reinsurer, General Insurance Corporation, to stop underwriting loss-making businesses. The government has also said if insurers take on loss-making businesses, they should bear the risk in their books or increase premium rates. While…

Third party premium up by 70%

The Insurance Regulatory and Development Authority (Irda) has increased the third-party motor premium by up to 70% from April 25. Irda said that based on the concerns expressed by various stakeholders during discussions, premium for goods carrying and passenger carrying vehicles has been brought down by 15% and so the real change is 68%. The…