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Welcome to our latest newsletter, packed with informative articles and industry insights. In this edition, there are articles about the revision of the customer information sheet (CIS), Health Insurance, Cyber Security, and much more. Hope you enjoy going through this insightful edition.
Wishing you all a Merry Christmas and a Happy and Prosperous New Year!
Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council
Welcome to the 9th Edition of our online newsletter. The Council will soon be handling cashless treatment of motor accident claims. Kindly visit our website regularly to get updates on the numerous initiatives implemented by GI Council.
I wish you all a joyous Christmas & a very Happy & Prosperous New Year.
General Insurance Council
Executive committee Members
Tapan Singhel (Chairman)
Mr. Ramaswamy Narayanan
Mr Mayank Bathwal
Ms. Neerja Kapur
IRDAI Nominated Members
Prof. Bejon Kumar Misra
Dr Nayan Shah
Mr Milind Bhatawadekar
Mrs Asha Nair
Mr K.C. Lokessh
Mr Anup Rau Velamuri
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Sanjeev Srinivasan
Insurance in news
Premium ‘Score Board’ November 2023
The Stand-Alone Health Insurance Companies (SAHI) are driving the health segment towards better growth. The growth percentage has dipped for liability insurance as compared to the figure for the previous year. The total premium figure of the non-life industry up to November, 2023 is Rs. 1,88,521.40 crores compared to previous year’s total up to the month of Rs 1,65,373.17 crores. The premium accretion at the end of November 2023 is 14% driven by health & motor segments
GIC wants to divert terror insurance money for oil and nuclear risks.
More than Rs 15,000 crore (about $2 billion) is sitting unused in India’s insurance pool against terrorism and could be used to cover nuclear accidents or for imports of Russian oil. Such insurance will encourage foreign nuclear power companies to invest in small modular reactors in India..
Revolutionizing Insurance Accessibility Initiative Driving Last-Mile Coverage in Rural India
Insurance is a contract in which the insurer indemnifies the insured against losses caused by specific contingencies or perils; in other words, it is financial protection. As people will likely encounter danger or unpleasant possibilities, exploring noble risk mitigation tools such as insurance is necessary. Mr. K V Dipu - Senior President & Head - Operations & Customer Service Bajaj Allianz General Insurance Co. Ltd.
Insurance Laws & policies
Trivandrum meeting for use of ai in traffic monitoring.A meeting was held at Hyatt Regency, Trivandrum on 15.11.2023. It was arranged by the Kerala Government under the leadership of the Kerala Transport Minister, Mr. Anthony Raju and the Kerala Transport Commissioner, Mr.S.Sreejith.he insurance industry was well represented by 25 insurers both private as well as public sector insurance companies like Magma HDI, Go Digit, ICICI Lombard, Reliance General Insurance, IFFCO TOKIO, TATA AIG, HDFC ERGO, National insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd, etc. GI Council was represented by the Secretary General, Mr. Inderjeet Singh along with one IT official and one consultant at the meeting.
Revision of Customer Information Sheet. It is important that a policyholder understand the terms and conditions of the policy that has been purchased. Therefore it is imperative to have a document that explains in simple words, the basic features of the policy and provides necessary information. With the above objective in mind, the customer information sheet (CIS) has been revised & is to be provided by insurers to all policyholders. This circular has been issued by IRDAI in terms of Regulation 26 of I ROAi (Health Insurance) Regulations,2016..
Navigating smoothly with Innovative Motor Claims Process.In the age of digital transformation, industries of all kinds are reimagining the way they operate. The insurance sector is no exception, with leading the charge in making insurance processes more accessible and efficient. We, as a leading general insurance provider,The general insurance industry is at the forefront of embracing new regulatory reforms and initiatives to enhance our services and uphold best practices in the industry.
Magic of Health InsuranceThe Health Insurance Premium for the insurance industry in 2003.04 was Rs. 1354 Crores. It grew to Rs. 90668 Crores by 2022.23. The Compounded Annual Growth Rate for the Health line of business is 25%. A CAGR of 25% year after year, over two decades is stupendous. But the magic of Health Insurance lies not in its past glorious growth. It lies in the explosive growth that awaits the industry in the years to come. Mr Segar Sampath - Director,General Insurance Council.
Revolutionary Health Insurance Product with a Cause.Domestic workers, including maids, drivers, nannies, full time caretakers etc. are an integral part of the Indian labour force, with millions of individuals employed as domestic workers in households across the country. They contribute to household management by performing essential daily chores which enables us to balance work and home responsibilities. Despite their crucial role in supporting families and maintaining households, domestic workers often face health challenges due to the nature of their work, including physical strain, exposure to cleaning chemicals, and irregular working hours etc.
Cyber Insurance Policy - A Necessity for All.Today most of us depend heavily on the Internet to manage our routine lives, be it shopping, bank transactions, entertainment, or communication. You will be surprised to know that India has over 750+ Million internet users spread across the country. Undoubtedly, the Internet has brought much ease in our lives, which is the reason behind the ever-rising popularity of the World Wide Web. However, like everything under the sun, the ubiquitous rise of the Internet also has a flip side; in today's digital age, where everything is connected to the Internet, cyber security has surfaced as a serious concern.
The Transformative Shift in Global Economics Asia-Pacific's Ascendance and Evolving Trade Paradigms The global economic landscape has witnessed a transformative shift over the last three decades, with the Asia-Pacific (APAC) region's GDP share rising significantly while that of the European Union and the United States has declined. This evolution is marked by disruptions in the global value chain, leading to a reevaluation of trade strategies and the emergence of new economic frameworks, particularly in the APAC region
Taiwan- Majority of non-life insurers see operating profits in 2Q 2023Asia Insurance Review Some non-life insurers in Taiwan continued to see unfavourable claims development and reported net losses in the first quarter of 2023, but the majority had returned to operating profitability as of secondquarter 2023, notes AM Best
New Zealand- Comprehensive car insurance premiums jump by up to 38% since 2021 Asia Insurance Review Premiums for comprehensive motor insurance have risen by up to 38% since 2021, according to the findings of a survey by the consumer organisation, Consumer NZ. The significant increase in premiums is likely due to the payout insurers faced after Cyclone Gabrielle as well as rising inflation, Consumer NZ says in a statement.
Australia- Shift from medical model of disability to social and rights-based modelsAsia Insurance Review There is currently an existing movement from a medical model of disability to social and rights-based models, according to a report released yesterday by the Actuaries Institute.
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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.