GI Newsletter: October 2022 Issue
Chairman's messageEditor's connectInsurance in news Insurance Laws & policy Consumer AwarenessGlobal HighlightsContact Us
Chairman's Message

Mr Tapan Singhel

Greetings! We're delighted to present the latest edition of our newsletter, featuring informative articles and invaluable industry insights. This edition includes articles on debunking insurance myths, explaining the importance of wellness, and discussing insurance fraud. The newsletter also features Global Highlights from the insurance industry in Hong Kong and Australia.

We hope you enjoy reading this edition and that it enhances your knowledge.

Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.

Chairman, GI Council

Editor's Connect Mr. Inderjeet Singh

Welcome to the 11th edition of the GI Council newsletter. The golden hour scheme for road accident victims has started off as a pilot project in Chandigarh and will soon be replicated at other places. You can read about this golden hour scheme in which the GI council is actively engaged, in this issue of the GI Council newsletter. Please keep abreast of the activities of GI Council through the newsletter.

All the best wishes for the upcoming celebrations of Ram Navami & Budha Purnima.

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Vasudha Rao
Pratibha Sarathy
Sharad Taware

Insurance in news
Govt launches pilot programme for cashless treatment of road accident victims

The Central government is launching a pilot programme to provide cashless treatment to the victims of road accidents in order to reduce the number of deaths caused by motor vehicles, according to an official statement issued on Thursday.

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Hit & Run claims: In house processing by GI Council

GI Council has been handling Hit & Run claims From FY – 2022 -2023 i.e 1.4.2022. The Claims before 1.4.2022 are being processed by the New India Assurance Company Limited. GI Council has received 3000 claims out of which 2000 claims have been settled during the year 2023-34.

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Insurance Laws & policies
Bribery in empanelment of hospital in Health InsuranceIn the complex landscape of the insurance industry, where trust and ethical conduct are paramount, any hint of impropriety can have far-reaching consequences. Recently, we've observed instances within our industry where there are concerns about bribery and unethical practices related to hospital empanelment by employees/third parties with the intention to gain undue amount. We believe it's crucial to address this issue and emphasize our commitment to fair and responsible business practices. Bribery, especially in the context of empanelment, raises serious legal and ethical concerns. It not only jeopardizes the individual involved but also places the entire organization in a precarious position. Read More
Navigating India's Modernizing Roads As India's road infrastructure undergoes a transformative change with the construction of world-class highways like the Samruddhi Mahamarg and the Delhi-Mumbai Expressway, it is crucial for drivers to prioritize tyre health, adopt safe driving practices, and secure comprehensive insurance coverage with tyre protection add-ons.Read More
Embracing Health: A Journey from General Wellness to Diabetes CareIn the big picture of life, where every heartbeat plays a part in our well-being symphony, our daily choices and habits create a fascinating story. There lies a profound connection between our choices, general health, and the path that leads us to the realm of conditions like diabetes. This journey starts by exploring overall health before diving into the specific details of living with diabetes. Read More
Embracing Diversity: The Path to Inclusive Insurance Solutions for DisabilitiesOn World Autism Awareness Day, our hearts and minds are united in a global embrace of understanding and acceptance for those within the autism spectrum. This day not only shines a light on autism but also opens a window to a broader, heartfelt conversation about inclusivity for all Persons with Disabilities (PWD). As we build a more accepting, accessible and inclusive world, the significance of tailored insurance policies emerges as a beacon of support, ensuring that individuals facing disabilities are not just seen but also secured and supportedRead More
Consumer Awareness
Frauds:A threat to Policy ServicingInsurance Companies are committed towards protecting the interests of policyholders. They are responsible for maintenance of adequate reserves and required solvency to continue to serve the policyholders. Further, it is important for insurance companies to maintain loss ratios within acceptable levels. This enables insurance companies to provide seamless service and guarantee seamless services to policyholdersRead More
Debunking Seven Common Myths in General InsuranceGeneral insurance holds immense significance in providing individuals and businesses with financial protection and peace of mind, covering a broad spectrum of risks and unforeseen events, from accidents to property damage, from vehicle damage expenses to health care expenses, and from legal liabilities to loss due to cybercrime. However, despite its undeniable significance, some myths & misconceptions prevent individuals from purchasing an insurance policy.Read More
Global Highlights
Hong Kong: Solid growth forecast for personal accident and health insurance sector. The personal accident and health (PA&H) insurance sector in Hong Kong is projected to see a compound annual growth rate (CAGR) of 7.4%, with gross written premiums (GWP) increasing from HK$21.4bn ($2.7bn) in 2024 to HK$28.5bn by 2028, according to a report from data and analytics firm GlobalData. Read More
Australia:Fall in group insurance coverage attributed to legislative changesThere has been a sharp decline in the number of Australians covered by group insurance through superannuation, according to a research report by the Association of Superannuation Funds of Australia (ASFA) which was released last month.Read More
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Disclaimer : Our newsletter endeavors to compile insurance information from various sources in the public domain. In respect of 3rd party articles/news items etc. reproduced, the GI Council accepts no responsibility for the accuracy/authenticity and completeness nor can be seen as endorsing the views/opinions expressed therein.