General Insurance Council Newsletter

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Chairman's Message

Mr Tapan Singhel

We are thrilled to present to you the Anniversary Edition of our Non-Life Insurance Newsletter! The online version of bimonthly Newsletter was launched on 15th August 2022, the 75th Anniversary of country’s independence. It's been an incredible journey of knowledge sharing, insights, and industry updates, and we are delighted to commemorate this special occasion with you.In this special edition, you will find insightful articles on digital solutions, climate issues, inclusive coverage, evolution of insurance operations, a talk with Secretary General, and many more exciting news and developments in the non-life industry that highlight the groundbreaking initiatives propelling the non-life insurance landscape forward. As we reflect on our journey so far, we extend our heartfelt gratitude to all our readers and partners for their unwavering support.

Wishing you all a very Happy Independence Day

Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council

Editor's Connect Mr. Inderjeet Singh

The first edition of our online newsletter was launched on 15th August last year on the occasion of the 'Aazadi ka Amrit Mahotsav'. It was a new initiative for developing awareness and further improving the penetration of the insurance sector. We are happy that the newsletter has received an excellent response in the last one year from the readers. I thank all our members for providing inputs and valuable feedback for constantly improving the content quality and the reach of our newsletter.It has been our endeavor to cover topics of common interest related to non-life insurance and convey in a simple language for the benefit of the common people. In this edition also, we have included original articles and views from our members on a wide range of current topics. We hope you will like the content and will appreciate to have your constructive suggestions. It is your support and feedback which makes the newsletter relevant. Wish all the readers Happy Independence Day!!!

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

C.R. Vijayan
Sanjiv Singh
K.N. Venkataraman
Sharad Taware
Prerna Ramnani

Executive committee Members

Elected Members

Tapan Singhel (Chairman)
Mr Devesh Srivastava
Dr S Prakash
Ms. Neerja Kapur

IRDAI Nominated Members

Prof. Bejon Kumar Misra
Dr Nayan Shah
Mr Milind Bhatawadekar
Mrs Asha Nair
Mr K.C. Lokessh

Regular Invitees

Mr M.S. Sreedhar
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Sanjeev Srinivasan

Insurance in news

Premium ‘Score Board’ July 2023

The premium growth at the end of July 2023 is 16.5% driven by health and motor segments. The high-growth segments continue to be Engineering, Motor, and Health. The Stand-Alone Health Insurance (SAHI) companies continue to improve the growth rate in health segment.

First of its kind General Insurance Festival organised in India

Bajaj Allianz General Insurance, hosted the first-ever General Insurance Festival of India (GIFI) on the 3rd of July 2023 in Pune which officially set a new Guinness World Records achievement for the Largest attendance for an insurance conference.

The Secretary General of GI Council shares his views on issues facing non-life industry

Mr. Inderjeet Singh took charge of the General insurance Council as the Secretary General of General Insurance Council, on 2nd May 2023. He shares his views on issues facing non-life industry in India in an informal chat.

Severe thunderstorms account for up to 70% of all insured NAT CAT losses

Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in first half of 2023, Swiss Re Institute estimates

Unveiling the Enigma: The Evolution of Operations in Insurance

Imagine a time when insurance policies were written on clay tablets and stored in dusty archives. Mr KV Dipu, Senior President & Head - Operations & Customer Service, Bajaj Allianz General Insurance Co. Ltd. gives an interesting account of how the insurance industry has come a long way since those ancient days.

Insurance Laws & policies

Guidelines on Remuneration of Directors and Key Managerial Persons of InsurersIn a directive issued on 30th June 2023, IRDAI issued guidelines on Remuneration of Directors and Key Managerial Persons of Insurers

Securitization in InsuranceBy moving the risk to the capital market through financial instruments or derivatives, securitization would increase an insurer's capacity for underwriting: Saurabh Chandra of New India Assurance explores this option in a write up.

The GI Council supports member insurance Companies to reverse 2017 rulingGeneral Insurance firms plead before SC to reverse 2017 ruling on LMV licenses for transport vehicles

Going the ESG wayESG, as a concept is now well known across the Globe. For Insurance Companies, going the ESG way has more benefits than some other sectors. The Insurance companies are exposed to wide array of ESG factors both directly and indirectly. Rishin Rai of Universal Sompo articulates the importance of ESG for insurance industry

A case study on using forged documents for health insurance claimsAgents and diagnostic centers were found involved in making fraudulent health insurance claims under one of the products offered by the Company by submitting forged health checkup reports. Shilpa Verma of Niva Bupa cites a case study in this article about insurance frauds

Consumer Awareness

Pan India awareness Campaign to be launched by General Insurance Council soon:Council Plans to run Pan India Non-Life Insurance Awareness Campaign.In a rapidly changing world, unforeseen events can disrupt our lives and livelihoods. Non-life insurance serves as a crucial safety net, offering financial support during times of adversity.

Hyper-personalization in insuranceWelcome to the era of hyper-personalization in insurance, where advanced technologies and data-driven insights empower insurers to revolutionise the customer journey. In this article By K V Dipu, Senior President & Head-Operations & Customer Service, Bajaj Allianz General Insurance writes about a futuristic scenario where insurance providers can tailor policies to suit individual lifestyle

Practitioner’s Guide to Leverage Technology in InsurancePractitioner’s Guide to Leverage Technology in Insurance Whether you are an insurance distributor or a customer (which, of course, everyone should be to cover their financial risks) this concise guide will help you harness the power of technology in the insurance industry. Mr. Aditya Sharma, Chief Distribution Officer – Retail Sales, Bajaj Allianz General Insurance explains the importance of technology in the insurance industry.

Events

MSMEs have been the backbone of Indian economy and have shown tremendous resilience even when faced with unprecedented challenges. They are the growth engine of the economy contributing to over a third of the country’s GDP. In a Q&A session, Mr Sanjeev Mantri, Executive Director, ICICI Lombard talks about the importance and issues related to MSME sector in India.Read More>>>

Global Highlights

Australia Regulators release documents on proposed Financial Accountability Regime Asia Insurance ReviewThe Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a package of documents for consultation, to support the implementation of the Financial Accountability Regime (FAR) by the financial services industry.

Indonesia: Non-life insurers seek alternatives to capital hikes to strengthen insurance market Asia Insurance Review The General Insurance Association of Indonesia (AAUI) believes that there are alternatives to capital increases to strengthen the insurance industry in the country. "We propose to find the best solution," said AAUI chairman Budi Herawan last week, according to a report by Bisnis.com.

Insurance pricing:Frequently asked questions (FAQs) How insurers work out the cost of cover for their customers can be complicated because they look at a range of different factors to calculate risk. Plus, different insurers use different data.

Cyber Threats Landmark Ruling Signals Importance of Clear Policy Language The most recent ruling in favour of upholding Merck’s £1.4bn claim for the NotPetya malware attack has highlighted to the wider insurance market the need to sustain its valuable efforts to clarify and communicate coverage for cyber risks. And this is true across stand-alone cyber offerings as well as other insurance lines.

General Insurance Council, 5th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India, gicouncil@gicouncil.in
https://www.gicouncil.in/
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.