I am happy to get associated with the Council as it’s Chairman and my first commitment would be to further the commendable initiatives that the Council has already taken to provide continued services to our policyholders in these challenging times, when our country is valiantly fighting the menace of Covid 19 spread, which has huge social and financial ramifications.
I convey my best wishes to all the stakeholders and would like to assure them on behalf of General Insurance industry that we will remain focused on protecting the interests of our policyholders through every possible efforts.
The industry as an essential service, has continued to operate throughout the lockdown periods, providing help and guidance to the policy holders, claimants and other stakeholders be it health, travel, motor insurance or insurance of industrial and commercial entities . Claims are being disposed of regularly and policies are issued quickly using technology, working from office or through VPNs.
Industry which has been showing decades of high growth has itself rather been impacted adversely in terms of business growth. In the month of April 2020, barring a few exceptions, most of the GI companies could not register any growth in the business.
Loss of new business, strained paying capacities of many and current uncertainty of investments market will continue to pose significant challenges to the industry. However, I am confident that given our resilience we will overcome this situation sooner than generally expected.
The Council has initiated several new projects the results of which will be beneficial for the insuring public as well as our members and stakeholders in near future. It will be my endeavour to see that industry embraces best practices in order to fully serve the people of the country. We remain committed to insuring community and industry in our sustained efforts for best possible service.
With best wishes once again.