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

Welcome to our latest newsletter, packed with insightful articles and valuable information. In this edition, we delve into a range of topics, including articles on the growth of commercial insurance, innovative products for the digital age, healthcare accessibility for all, and a case study on medical insurance fraud.From this edition, we're publishing the newsletter in PDF format for easy downloading and printing. We trust you'll appreciate both formats and that they enhance your reading experience.

Wish you all good health and prosperity for the festive season ahead

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

Editor's Connect Mr. Inderjeet Singh

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.

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

C.R. Vijayan
Vasudha Rao
Pratibha Sarathy
Sharad Taware
Prerna Ramnani

Executive committee Members

Elected 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

Regular Invitees

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 premium growth at the end of September 2023 is 15 % driven by health and motor segments as in previous months. 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. The growth percentage in fire and marine and liability has dipped with marine and liability segments registering negative growth rate for the past few months. The total premium of the non-life industry up to September month this year stands at Rs 143,801 crores, as opposed to the previous year's total up to the month of Rs 125,192 crores.

Revolutionizing Insurance Accessibility: Bajaj Allianz's 'Sarvatra Bima' 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 14.11.2023. 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.

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, is at the forefront of embracing new regulatory reforms and initiatives to enhance our services and uphold best practices in the industry.

Consumer Awareness

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.

Muskaan A Smile for All - Universal Sompo General Insurance Unveils 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.

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.

Global Highlights

International Union of Marine Insurance Annual Conference IUMI 2023 held at Edinburgh The largest international marine insurance event was held at the wonderful Scottish capital city of Edinburgh this year. More than 700 marine insurance professionals gathered from across the world to be part of this event.

Swiss Re Report: Global economy not out of the woods yet: alternative scenarios for re/insurersEconomic uncertainty is high, with recession and inflation risks still elevated. In this environment, a "severe global recession" and "1970s style stagflation" are two key alternative scenarios that insurers should think about. Each pose distinct challenges, the former around balance sheet strength and solvency concerns, and the latter around underwriting performance. In this article written by Hendre Garbers, Senior Economist, Swiss Re Institute & Ayush Uchil, Insurance Economist & Data Scientist, Swiss Re Institute describes various scenarios for insurers/reinsurer

DIALOGUE WITH ASIAN SUPERVISORS 5 SEPTEMBER A2ii recently conducted an online “Dialogue with Asian Supervisors” for the Nepal Insurance Authority (NIA) on 5 September 2023

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.