General Insurance Council Newsletter

Chairman's message Editor's connect Insurance in news Insurance Laws & policy Consumer Awareness Global Highlights Contact Us

Chairman's Message

Mr Tapan Singhel

Happy Independence Day! Welcome to the August 2024 edition of our newsletter, featuring key industry insights and updates. In this issue, discover the newly launched Bima Bharosa Portal by IRDAI, the importance of adequate home insurance during monsoon, and an inspiring piece by Segar Sampath, Director - Health, GI Council, titled "Why I Love Insurance." Also, explore global highlights on growing demand in South Korea for virtual assets protection products and New Zealand's rising property insurance premiums.

Enjoy the read, and once again, Happy Independence Day!

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

Editor's Connect Mr. Inderjeet Singh

Welcome to the 13th edition of the GI Council newsletter. This issue of GI Council informs the readers about Bima Bharosa, a portal for grievance redressal launched by IRDAI.

Happy Independence day wishes as India celebrates 77th Independence day .Festive wishes on the forthcoming festivals of Rakshabandhan, Janmastami & Ganesh Chaturthi

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Ms. Vasudha Rao
Ms. Pratibha Arvind Sarathy
Mr. Sharad V Taware

Insurance in news

All you need to know about Surety Bond Insurance

India, with its growing economy and expanding population, is poised to become the world’s third-largest construction and Infrastructure market. This surge in infrastructure development is expected to necessitate a staggering US $1.5 trillion in investments over the next decade. Surety insurance is a financial instrument that ensures the work starts on time for these projects and protects all stakeholders involved.

Bima Bharosa Portal for Insurance Grievances Launched by IRDAI

Bima Bharosa has been launched by the Insurance Regulatory and Development Authority of India (Irdai) to serve as an online platform for grievance redressal of insurance policyholders. Here’s a step-by-step process to register an insurance-related grievance on the portal. It can be accessed at https://bimabharosa. irdai.gov.in/. New users need to create an account by clicking on ‘Register’ button and filling in the required information, such as name, contact details and e-mail address. Existing users can log in using their credentials.

Insurance Laws & policies

How the Insurance Act, 1938 is evolving? 10 major proposed changes explained In a major step toward achieving 'Insurance for All by 2047,' the government plans to introduce a transformative bill in the upcoming Budget session to amend the Insurance Act, 1938. This amendment aims to modernize the regulatory framework, expand insurance coverage, enhance competition, and drive economic growth. The Insurance Act, 1938, has long been central to India’s insurance regulation, but modernization is needed to align with evolving market dynamics. In December 2022, the Finance Ministry sought public feedback on proposed changes to the Insurance Act and the Insurance Regulatory Development Act, 1999..

Commission orders New India Assurance to pay 34.78 lakh to Titwala society for claim denial due to lack of surveyor. The national consumer dispute redressal commission has directed the New India Assurance company to pay a compensation of Rs 34,78,002 along with nine percent interest to a Titwala (Kalyan)-based society, right from the date of repudiation of the claim amount, which is from the year 2006. The commission also directed the insurance company to pay an additional amount of Rs 50,000 towards the complainant’s litigation charges. The commission, while passing its verdict, maintained that just because the insurance firm had failed to appoint a surveyor to verify the damage, it could not escape its responsibility to pay its customers.

Consumer Awareness

WHY I LOVE INSURANCE?I have been blessed to be in the insurance industry, in one capacity or the other, for four decades, four years and more. Insurance, especially nonlife insurance, is enchanting, enticing and mystifying. What makes insurance so charming and challenging? Why is this love for insurance so enduring.

IRDAI's 'Insurance For All By 2047': Experts bat for more focus on awareness, industry regulator collaborationThe insurance sector has seen a major boost over the past few years with both the regulator and the industry coming together to increase insurance coverage. The journey to realise IRDAI’s Vision 2047 is still fraught with challenges and experts advocate for a rigorous collaborative strategy between the industry and the regulator to increase insurance coverage.

Buy adequate home insurance to rebuild property in case of monsoon damage In recent times, the monsoon has become synonymous with floods and property damage. Heavy rains have damaged properties in Bengaluru and Delhi this year, making home insurance indispensable

Global Highlights

South Korea Insurers rush to offer protection products for virtual assets - Asia Insurance Review The Financial Services Commission (FSC) has announced that the Act on the Protection of Virtual Asset Users, aimed at establishing sound order in the virtual asset market and ensuring protection for users, would take effect from 19 July,2024.The new law was enacted on 18 July 2023. In the year since then, implementing regulations have been drawn up. The law requires virtual asset businesses to take measures such as purchasing insurance or accumulating reserves in accordance with the guidelines determined by the Financial Services Commission (FSC),

New Zealand: Property insurance premiums rise as insurers refine underwriting for flood risk Property insurance premiums across New Zealand have increased by nearly 30% in just 18 months, with more insurers now pricing down to address level as their risk modelling becomes more sophisticated. New Treasury data show that a quarter of houses in high flood-risk areas are attracting extra insurance premiums of hundreds or even thousands of dollars, according to an RNZ report citing actuarial consultancy Finity and Treasury. Finity has monitored insurance premiums on behalf of Treasury since late 2022.

General Insurance Council, Ground Floor, National Insurance Building, 12, 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.