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, and welcome to our newest newsletter edition, brimming with educative articles and valuable industry perspectives. In this edition, there are articles about travel insurance, maternity insurance, and a short article on motor underwriting and claims, to name a few. Most importantly, the edition features our latest initiative, Cashless Everywhere. Hope you enjoy going through this informative edition.

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

Chairman, GI Council

Editor's Connect Mr. Inderjeet Singh

Welcome to the 10th Edition of our online newsletter The GI Council has facilitated cashless treatments with the ‘Cashless Everywhere’ initiative on a pan India basis recently. Kindly visit our website to get regular updates on such projects & more. The new year has begun & some festivals like Lohri, and Sankranti have ended and other celebrations like Mahashivratri , Holi , Gudi Padwa will be upon us soon.

Wishing you all ,the best of the festivities!

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Vasudha Rao
Pratibha Sarathy
Sharad Taware
Prerna Ramnani

Insurance in news

Premium ‘Score Board’ January 2024

Aviation insurance has a growth rate of 21.57 % higher than motor and health. Standalone health insurers have a higher growth rate of 26.94% compared to the growth of the total health premium at 20.79%. Motor continues to do well, driven by a growth rate of 13.98%. The premium has grown by 13.13 % over that of premium collection of previous year.

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Navigating Tomorrow: Essential Technology Skills for the Future of Insurance

In the fast-evolving landscape of the insurance industry, integrating technology is not just a trend—it's a necessity. The digital revolution has significantly reshaped the insurance sector, creating a demand for professionals with advanced technological skills. As we stand at the crossroads of innovation and tradition, it's imperative to understand the technology skills that will define our future roles in insurance.

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Marketing trends for 2024

As digitisation and cutting-edge tech tools reshape industries and sectors, in 2024, survival and prosperity for insurers and marketers hinge on staying ahead of the curve. As we enter the new year, let's explore game-changing marketing trends revolutionising how insurance businesses engage with their audiences.

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Top brass structure of PSU insurance firms set for major revamp.

A revamp is happening with the selection process and interviews for filling up the nine posts of executive directors (EDs) in place of general managers and directors (GMDs) at the top levels of the public sector insurance companies.

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Insurance Laws & policies
Motor Claims v/s underwriting.Insurance industry is very unique due to its risk accepting appetite and it welcomes the risks happily in exchange of premium. Rather, insurers are always in search of risks to underwrite & are always ready to provide the best possible service at the hour of need. A better definition of insurance would be- " not risk accepting but resilience provider to the insured in the hour of emergency, giving the strength to bounce back." Read More
Consumer Awareness
Cashless Everywhere24th January 2024: General and health insurance companies provide coverage to millions of citizens through health insurance policies. In the event of hospitalization, policyholders need not pay for treatment out of pocket with a cashless facility where insurance companies commit to covering the treatment costs at the hospital, provided the claim is admissible. This cashless facility is currently available only at hospitals where the respective insurance company has an agreement or tie-ups. If the policyholder chooses a hospital without such an agreement, the cashless facility is not offered, and the customer has to go for a reimbursement claim, further delaying the claim process.Read More
How to decide on your maternity cover.Selecting the right health insurance plan that adequately covers maternity expenses is a crucial decision for couples. The journey towards parenthood comes with its own set of joys and challenges, and having a well-thought-out maternity cover can significantly ease the financial burden associated with prenatal, delivery, and post-natal care.Read More
Navigating the Vitality of Travel Insurance for a Protected JourneyWhen Ravi (name changed) broached the topic of an annual vacation with his family of 3, several options flowed in from all the 'stakeholders' concerned. Sunita, Ravi's 'Zindagi Na Milegi Dobara' inspired wife, wanted to skydive in Spain. In contrast, his son, all of 7, hoped to experience the thrill of the Yas Islands in Abu Dhabi.Read More
Global Highlights
China accounts for around 50% of flood-related economic losses in Asia PacificChina accounted for about half of the economic losses in the Asia Pacific related to flooding in 2023, with economic losses of more than $32bn and insured losses of $1.4bn. Total economic losses in the APAC region in 2023 reached $65bn with a substantial protection gap of 91%. However, these losses were 48% lower than the average and 32% below the median of the 21st century. Read More
General Insurance Council, 5th Floor, National Insurance Building, 14, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India,
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.