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Happy to come back after two months which was filled with festivity and celebrations. I am sure you would have enjoyed reading our newsletter in a new format and I look forward to your feedback and suggestions. Stay in touch and keep pouring us with new ideas and interesting developments in the General Insurance sector.
Happy Deepawali 🪔
Anjan Dey, CMD
The Oriental Insurance Company, New Delhi
Chairman, GI Council
Great to be back with all such information, which you might have missed. Our endeavour is to keep you aware about our key activities and share few highlights which took place since we met last. Our Editorial Team has tried its best to make the reading interesting and as you would have desired to be brought to you. Your support will encourage us to make the newsletter a delight.
M N Sarma
General Insurance Council
Executive committee Members
Mr Anjan Dey (Chairman)
Mr Devesh Srivastava
Dr S Prakash
Mr Tapan Kumar Singhel
IRDAI Nominated Members
Prof. Bejon Kumar Misra
Dr Nayan Shah
Mr Milind Bhatawadekar
Mrs Asha Nair
Mr K.C. Lokessh
Mr M.S. Sreedhar
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Vinod Dua
Insurance in news
The Premium ‘Score Board’ October 2022
The non-life insurance industry comprises of 24 multiline insurers, 5 Stand Alone Health Insurers (SAHI) and two specialised insurers, namely, Agriculture Insurance Co of India Ltd and ECGC Limited, thus totaling up to 31 general insurers. For the period April to September 2022. These companies together have logged an underwriting premium income of about Rs. 1,25,196 crores, showing a growth of around 15.31%.
Marine insurance adapting to a world in transition, says IUMI President
IUMI Chicago the annual conference 18-21 September: Opening this year’s IUMI (International Union of Marine Insurance) annual conference in Chicago, President Richard Turner introduced “Adapting to a World in Transition” as this year’s conference theme, highlighting the impact of climate, asset, macroeconomic and geopolitical changes on marine insurers, the clients they support and IUMI itself.
Insurance Laws & policies
Seat belt, helmet, traffic rules: Rules of personal accident insuranceBusinessman Cyrus Mistry’s death in a car crash on September 4 has brought attention to personal accident (PA) insurance. A standalone personal plan covers against the financial impact of an accident. "Personal accident insurance provides coverage against accidents leading to bodily injuries, disability (partial or complete) or accidental death,"
Human Resource Management and Post pandemic work culture : Shailendra SinhaEvery organization, big or small uses a battery of Capital to make the business work. The capital includes cash, valuables, or goods to generate income for the business. Whatever be the business, the one thing in common is the involvement of people who make their capital work. Human Resource Management is the process of following events:
IRDAI fires on all cylinders to deepen insurance penetrationBrace yourself for more tectonic policy shifts and exponential growth in the insurance sector in the next 24 months, as the new IRDAI chief Debasish Panda is a regulator in a hurry. Panda is looking to usher in more reforms, remove barriers to entry, and steadfastly ease the compliance burden to catapult the industry to even greater heights.
Be more consumer-centric: IRDAI to insurers"High priced products leaving health insurance to be unaffordable to several sections of society: Chairman Debasish Panda" The Insurance Regulatory and Development Authority of India (IRDAI) will recommend to the government that necessary statutory changes should be brought so as to allow health insurance providers to offer value-added services to customers, its Chairman Debasish Panda said on Tuesday(30th Sep).
INSURANCE AWARENESSSum Insured (SI) Vs. Sum Assured (SA)- Customers may have come across the terms “Sum Assured” (SA) or “Sum Insured” (SI) in their policies. Mostly in all life insurance policies and in Personal Accident (PA) covers, the term SA is used to represent the maximum insured amount the insurance company has covered under such policies, whereas in the case of majority of the policies where properties and liabilities are covered, the term SI is used.
Contribution of general insurance industry to the nation and societyThe main function of the insurance is to provide protection against the probable chances of loss. In its social responsibility and providing relief in sufferings it is different from any other enterprises which are solely motivated by maximising profit. It is primarily business of mitigating suffering due to unfortunate events. Insurance today is inseparable part of social welfare in any country.
Exceeding customer expectations : Sanjiv SinghIf you ask an ordinary insurance customer how satisfied, he is with the services of his insurance company the answer in all probability will not be a satisfying one. Since the real test of a general insurance policy is at the time of a claim the pain points from the view of a customers can be summarized as under
IRDAI to build comprehensive portal for resolving policyholders complaintsInsurance regulator IRDAI is building a comprehensive portal for complaints redressal of policyholders. This portal is expected to be ready by end of December this year, said Bejon Kumar Misra, Consumer Policy Expert and Member of Advisory Committee, IRDAI, on Friday.
Frequently Asked Questions
Questions and Answers About Health Insurance
Health insurance plans vary widely, both in cost and in benefits. Before enrolling in a health insurance plan, you should consult the plan brochure and read the policy to get specific information about the benefits and costs and the way the plan works. Read More>>>
Factors driving growth in the US property & casualty (P&C) insurance market: Hank Watkins, Regional Director and President, Lloyd Americas“Last year the US accounted for about 47% of Lloyd’s premium income and that has been growing at a steady pace for the last ten years,” says Watkins, speaking on a recent visit to London. He attributed this increase in large part to the growth of the US economy, as well as rising demand for natural catastrophe insurance as our climate changes.
Fall in the price of home insurance gives some relief to many households battling with cost-of-living risesThe average price paid for home insurance – both buildings and contents cover - has fallen over the last year according to the ABI’s latest Household Premium Tracker figures published today. The news will give some respite to households struggling with rising bills as the cost-of-living squeeze tightens its grip.
Shipping faces millions of dollars in costs from off-spec bunkers every year
The shipping industry is suffering losses into the millions of dollars every year as a result of ships being filled with fuel that is off-spec – a situation that has got worse since the 2020 introduction of lower limits on the permitted levels of sulphur in fuel. A report on bunker testing compiled by consultancy Thetius for class society Lloyd’s Register found that fuel suppliers globally deliver between 1m and 1.5m tonnes of off-spec fuel annually to vessels over 5,000 gt that are engaged in foreign trade. However, of the contaminated (or off-spec) fuels that are detected, only about 6,200 tonnes is debunkered, at significant cost.
The impacts of climate change on marine cargo insurance Francois du Plessis, Senior Underwriter Marine – Nordics, at AIG Europe AS is conducting research that aims to understand whether climate change (which bridges as a natural and man-made macro risk) is a source of marine cargo insurance claims.
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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.