GIC in the News

General Insurance Council to create fraudulent claims data bank
Wednesday 13 July, 2016
With most of the regulatory issues relating to the non-life insurance industry ironed out, the General Insurance Council of India is now into development of data bank of fraudulent claims, clearing house and standardisation of policy wordings for commercial policies, said a top official.

General insurers premium collection hits Rs 96400 crore in FY16
Sunday 17 April, 2016
General insurance industry has missed the ambitious target of crossing the Rs 1 lakh-crore mark in premium collection by a small margin at Rs 96,401 crore, up almost 14 per cent in the just concluded fiscal.

R Chandrasekaran General Insurance Council Fintelekt the Indian Insurance Awards 2015
Wednesday 24 February, 2016
R Chandrasekaran, Secretary General, General Insurance Council, speaking at the 5th edition of the Indian Insurance Awards held on June 26, 2015 in Mumbai.

IRDA Circular on Payment of dues to policy holders and disclosure of unclaimed amount
Thursday 28 August, 2014
On 14th August 2014 IRDA has issued circular on payment of dues to policy holders & disclosure of unclaimed amount thereof.

Launch of Insurance Policy Issuance through CSCs
Thursday 28 August, 2014
IRDA Chairman inaugurated the “Launch of Insurance Policy Issuance through Common Service Centres (CSCs) set-up under National e-Governance Plan (NeGP) of Government of India” at a meeting of Village Level Entrepreneurs (VLEs) held on 6.8.2014 at LIC ZONAL Training Centre, Hyderabad.”

Market surveys by Interns on customer perception about health insurance
Thursday 28 August, 2014
During the summer months of May and June 2014, the Council arranged for conducting market surveys by Questionnaire Method on two most important insurance products viz. (a) Customer Perception about Health Insurance and (b) Road Map for Personal Accident Insurance, through MBA Student-Interns,

Long term 2 wheelers insurance policy
Wednesday 08 March, 2017
The IRDA (Insurance regulatory and development Authority) has introduced long-term motor third party insurance policy with a three years term

Customization and implementation of ETASS for coinsurance business
Thursday 28 August, 2014
Under the guidance of IRDA GI Council is in the process of customization of ETASS (electronic transaction administration and settlement system) for the general insurance industry.

IRDA sets up panel for sub-broking
Wednesday 05 February, 2014
The Insurance Regulatory and Development Authority (Irda) has set up a committee to consider sub-broking in insurance. A total of 11 members with representatives from the life insurance council, the general insurance council and Irda have been made part of the committee.

Government paid private insurer crores in premium for ghost beneficiaries
Monday 02 September, 2013
The discovery of major irregularities in the delivery of Centrally sponsored insurance and health schemes for farmers and artisans by ICICI Lombard GIC Ltd. suggests poor supervision of key welfare programmes intended for the rural poor is leading to the ‘direct cash transfer’ of money from the exchequer to private insurance companies.

Irda proposes to tighten norms for web aggregators
Thursday 22 August, 2013
Web aggregators (websites that compile and provide information on policies of various insurance companies) are up for tighter regulatory norms.

No Catastrophe Insurance Cover yet
Thursday 25 June, 2015
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight. Early this year, non-life insurance companies had presented a concept paper on catastrophe insurance to the National Disaster Management Authority (NDMA).

Uttarakhand floods: insurance claims may exceed Rs.3,500 crore
Tuesday 25 June, 2013
India’s insurance regulator has asked life and general insurers to assess the possible claims arising out of the devastation caused by floods in Uttarakhand at the earliest, according to three people with direct knowledge of the matter. They feared that the total claims could exceed the record Rs.3,500 crore mark that the insurance industry faced in 2005 because of floods in Mumbai.

Keynote address by Shri R. Chandrasekaran, Secretary-General, GI Council on Social Marketing
Friday 31 May, 2013
Seminar on Social Marketing -- Ideation to implementation held on 30th & 31st May, 2013.

False claims, a big worry for health insurers
Monday 20 May, 2013
The high incidence of fraudulent claims is becoming a big concern for the health insurers as it leads to huge losses. About a quarter of the health insurance payout goes towards fraudulent claims, if one goes by the industry version.

Insurers, Irda to launch awareness campaign
Monday 18 March, 2013
In a bid to create awareness for insurance needs and on insurance products for health, motor, home and travel insurance, the General Insurance Council (GIC) with support from Insurance Regulatory and Development Authority (Irda) is set to start its awareness campaign on television, newspaper and other media channels with a total budgeted spend of Rs 16 crore.

Awareness campaign on non-life insurance penetration launched
Thursday 18 April, 2013
Finance Minister P Chidambaram today asked the insurance industry to increase their penetration, so as to rid the country and the economy of the tag of the 'most under insured country' of the world.

Focus on smaller towns, Chidambaram tells insurance sector
Tuesday 16 April, 2013
As India remains among the most under-insured countries in the world, the Finance Minister P Chidambaram today asked the general insurance industry to spread awareness about the need for risk cover in smaller towns across the country.

IRDA and General Insurance Council to launch consumer awareness campaign
Sunday 14 April, 2013

FM asks IRDA to increase insurance density
Saturday 13 April, 2013
Finance minister P Chidambaram on Friday urged the insurance regulator to focus more on its developmental role to increase the insurance penetration in the country, which is well below its need and potential.

FM asks insurance sector to focus on smaller towns
Saturday 13 April, 2013
FM asks insurance sector to focus on smaller towns

Chidambaram asks insurance sector to focus on smaller towns
Friday 12 April, 2013
As India remains among the most under-insured countries in the world, Finance Minister P Chidambaram today asked the general insurance industry to spread awareness about the need for risk cover in smaller towns across the country.

Insurance industry feels 'motor insurance premium hike is too low to cover losses'
Tuesday 02 April, 2013
The general insurance industry today termed the decision of the sectoral regulator to increase the motor insurance premium as a step in right direction, but too low to cover losses in this segment.

Insurers to synchronize data with Police for Stolen Vehicles and Accidents
Monday 02 July, 2012
Insurance companies under the aegis of General Insurance Council (GIC), an association of general insurers, are in talks with police force to get first-hand information about stolen vehicles and accidents, the moment First Information Report (FIR) is registered.

R Chandrasekaran, General Insurance Council, Fintelekt, the Indian Insurance Awards, 2012
Wednesday 08 March, 2017
The Indian Insurance Awards, 2012

Keynote address by Secretary General on Fraud & Abuse Control in Health Insurance at Conference at Insurance Institute of India
Thursday 23 February, 2012
Workshop on Fraud & Abuse Control in Health Insurance held on 23rd-24th February, 2012 at Insurance Institute of India.