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

Greetings, and welcome to the latest edition of our newsletter, carrying illuminating articles and interesting industry insights. In this edition, there are articles about wellness, wedding insurance, extended warranty insurance, how to balance customer expectations, and much more. The newsletter also features global highlights containing new developments from the Sri Lankan market and trends shaping the travel insurance industry.

Hope you enjoy the edition

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

Editor's Connect Mr. Inderjeet Singh

Welcome to the 12th edition of the GI Council newsletter. IRDAI recently reviewed the progress being done with regard to BIMA SUGAM . This issue of GI Council newsletter covers this topic as GI Council is diligently involved in BIMA SUGAM. The newsletter updates the activities of GI Council on a regular basis.

Best wishes for the upcoming festivals of Eid, Muharram, Puri Rathyatra & Guru Purnima, among others.

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Vasudha Rao
Pratibha Sarathy
Sharad Taware

Insurance in news

IRDAI reviews progress on Bima Sugam

A crucial meeting was held 7th June, 2024 which was attended by the IRDAI Chairman, Mr. Debasish Panda, and the CEOs of life, general and health insurance companies along with the Life and General Insurance Councils to review the status of Bima Sugam project. The Bima Sugam is set to transform the Indian insurance sector, making insurance more accessible, affordable, available, and user-friendly for all citizens

Deciphering denotification of tariff policy wordings

The IRDAI stepped up a gear in its bid to bring about major reforms in the Indian non-life insurance industry. Earlier, policy pricing and remuneration to intermediaries was freed up and left to the discretion of the insurers: Now, with effect from 1st April 2024, the Tariff wordings across lines of business (barring Motor TP) have been scrapped. Insurers will be free to offer their own policy wordings and policy structures. The accent is on insurers’ self-regulation, with the Product Management Committee, within the company playing a dominant role.

Insurance Laws & policies

Sufficient Evidence To Justify Repudiation By Invoking Exclusion ClauseSC Allows Insurance Company's Appeal Against NCDRC Judgment In 2009 Chambal Bridge Collapse Case The Supreme Court allowed the appeal filed by United India Insurance Co. Ltd. against M/s Hyundai Engineering & Construction Co. Ltd. & Ors., challenging the decision of the National Consumer Disputes Redressal Commission (NCDRC) which allowed the consumer complaint and directed the insurance company to release and pay an insurance claim of Rs. 39,09,92,828/-.

Landmark ruling: insurance claims for stolen vehicles not to be denied for FIR delays in India A recent order by the Consumer Court in India has ruled that insurance companies cannot reject claims for stolen vehicles solely due to delays in filing a First Information Report (FIR). This decision has significant implications for vehicle owners across the country. In India, all vehicles must be insured, including third-party liability insurance, which is mandatory. Various insurance options cater to different needs and cover potential losses, including theft. Understanding these options is crucial for vehicle owners.

IRDAI introduces new corporate governance regulations for insurers The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to seek prior approval for the appointment of their Board Chairperson, effective immediately.

Exploring Extended Warranty InsuranceImagine this: You're engrossed in the TV premiere of a Bollywood blockbuster, eagerly anticipating the climax, when suddenly, your screen turns black interrupting your experience

Consumer Awareness

Wellness – The Solution for Health Insurance ProfitabilityWe are a country with 78.4% population below age 45 and when the pandemic forced everyone indoors people scampered to search every possible source on social media and the net for fitness exercises. It also brought in a lot of focus and awareness amongst the populace on staying healthy and fit as improved immunity was translated as lesser susceptibility towards infection.

Securing the Big DayMarriages are made in heaven, and sky is indeed the limit when it comes to shouldering expenses of varied kinds and sizes. With weddings getting grander by the day, any untoward incident, before or on the day of the wedding, can result in financial damages. It can water down some of the best-laid plans and take the sheen out of this memorable day in life.

Balancing Customer Expectations and Insurers’ ConcernsInsurance is one of the greatest manmade devices for managing risks. Human beings are exposed to the possibility of adverse occurrences. Such accidental events could be financially devastating for those individuals who suffer from these unfortunate events. Yet, society mitigates such losses by collectively sharing them. Insurance is a wonderful instrument that equitably shares the losses of a few among the many who are exposed to similar loss probabilities

Generative AI Revolutionizes Indian General Insurance Voice BotsThe Indian general insurance sector is undergoing a rapid transformation, and integrating advanced technologies like generative AI is no longer optional. This powerful technology is particularly transformative in developing sophisticated voice bots, which are revolutionizing customer interactions, driving efficiency, and propelling the insurance industry forward.

Global Highlights

Travel insurance market set to reach $106.8b by 2032 – Insurance Asia The travel insurance market is projected to surge with a compound annual growth rate (CAGR) of 20.1% from $16.8b in 2023 to an anticipated $106.8b by 2032, according to Allied Market Research’s latest report. Europe leads in revenue, buoyed by robust tourism and awareness of travel risks. Meanwhile, Asia-Pacific exhibits the fastest CAGR, driven by rising awareness and disposable incomes, particularly in countries like China and India.

Sri Lanka: Regulator introduces Optional Compensation Scheme for auto accident victims The Insurance Regulatory Commission of Sri Lanka (IRCSL) has introduced an Optional Compensation Scheme (OCS) through licensed general insurance companies to provide compensation to third-party victims of motor vehicle accidents or their legal heirs. The OCS offers a payout of LKR500,000 ($1,657) on death and up to LKR500,000 for permanent disability, without having to go through court proceedings.

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.