GI Newsletter: October 2022 Issue
Chairman's messageEditor's connectInsurance in news Insurance Laws & policy Consumer AwarenessUpcoming EventsFAQGlobal HighlightsContact Us
Chairman's Message

Mr Tapan Singhel

It is our honor to present the fourth edition of the newsletter. This informative edition contains important industry news and articles on health and motor insurance; it also talks about the digital revolution taking place in the industry and much more. The newsletter also captures a few interesting developments taking shape in the global insurance market. We hope that you enjoy reading these articles and may these articles add to your knowledge about the industry. We look forward to your feedback and suggestions for the newsletter, we request you to share this extensively.

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

Chairman, GI Council

Editor's Connect Mr. CR Vijayan

As the new year has ushered bringing new hopes and aspirations for everyone, the General Insurance Council is also poised for radical changes in its working to become a strong voice of the industry. Under the dynamic leadership of our new Chairman many new initiatives have been planned and the implementation strategy is being worked out for positive results in a short time. New initiatives are aimed at providing the best possible services to the insuring public. We would welcome your contributions and feedback to engage better with the insuring public and increase awareness about non-life industry. I wish you all the best.

CR Vijayan
Acting Secretary General
General Insurance Council

Editorial Team

C.R. Vijayan
Sanjiv Singh
K.N. Venkataraman
Sharad Taware

Executive committee Members

Elected Members

Tapan Singhel (Chairman)
Mr Devesh Srivastava
Dr S Prakash
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 M.S. Sreedhar
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Sanjeev Srinivasan

Insurance in news

The Premium ‘Score Board’ February 2023

At the end of January 2023, the general insurance industry has grown by 16.58% touching a Gross Direct Premium of Rs. 212720 crores. The health insurance business growth at 24% and Motor insurance at 16% are the highest contributors to this growth.

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The General Insurance Council organises its 112th meeting.

The 112th General Insurance Council meeting was held on 19 Jan 2023 at Chambers, Orchid Hotel, Vile Parle (East), Mumbai. 34 members attended the meeting. The meeting was chaired by Mr Anjan Dey, Chairman, GI Council. Prior to that Executive Committee meeting also took place at the same venue..

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Interview with Ms Neerja Kapur First woman CMD New India

Ms Neerja Kapoor is the first Woman Chairman cum managing director of the New India Assurance company, the largest non-life insurer in India. The editor of this newsletter talked to her on important issues facing the industry for her views. Here are the excerpts from the interview.

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Risk based capital in Non-life Insurance

In view of the risk profile of the financial sector, in advanced countries, the Risk Based Capital (RBC) has emerged as a key concept to guard the health of insurance sector, prompting similar initiatives in other emerging markets. Today the term surprisingly carries a mystic aura around it. Mr S H Gejji, Retired Official of The New India Assurance Co. Ltd & Ex-faculty and PGDM Co-Ordinator at National Insurance Academy Pune in his incisive article attempts to present to the reader a preliminary understanding of RBC and some dimensions associated with its implementation / adoption.

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Insurers liability a big concern for ships stranded in Ukraine

Ships stranded around the east Ukrainian port of Mykolaiv are set to be the centre of war risk insurance payouts amounting to hundreds of millions of US dollars on the anniversary of Russia’s invasion.

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Insurance Laws & policies
Contract certainty in insurance policy wordingsInsurance business runs mostly on trust, of which transparency and predictability are vital elements. This is where insurance policy wording assumes significance. Policy wording needs to be clear, unambiguous and transparent, reflecting the promises made by the insurer. While none can vouch for consistent and uniform interpretations, it is certainly possible to reduce the scope of ambiguity with proper efforts and considerable forethought. Mr P. Umesh Consultant – Liability Insurance reflects on importance and impact of policy wordings in insurance contracts. Mr P Uamesh can be reached at p.umesh@liabilityinsurancepractice.comRead More
Expenses of management (EoM) RegulationsExpenses of management (EoM) Regulations for non-life companies are essential part of growth and development of any insurance company in India. The compliance with EOM regulations or forbearance due to compelling reasons require a deep understanding of these regulations. Mr S Skandan, Advisor GI Council looking after regulations and accounting dives deep into the subject in a three article series to be carried in this newsletter. The first article of the series gives an introduction of the rules. Read More
To stay sustainable: the insurance industry needs an urgent paradigm shift!Insurers have a critical role in mitigation, adaptation and resilience. To stay sustainable they must, therefore, respond to the emerging order urgently. The current performance metric has outlived its utility - the way risks manifest, impact, get measured, priced, reported, regulated - all changes. With these threats come some of the biggest business opportunities Mr Praveen Gupta is an Ex CEO and is a Chartered Insurer. He now devotes time to teaching, writing and speaking - with a particular focus on Climate Change, Sustainability, ESG, Energy and Risk Management. He shares his views on sustainable insurance. Read More
Consumer Awareness
Interview with Prof Bejon K Misra EC member GI CouncilProf. Bejon Kumar Misra, International Consumer Policy Expert is an Honorary Professor at the National Law University Odisha & Professor (R&D) North East Christian University (NECU), Nagaland. He is member of Executive Committee of the General Insurance Council. He shares his views in a candid interview the editor of this newsletter.Read More
The digital revolution in the Indian insurance industry post-COVID-19 pandemic“When you lose, don’t lose the lesson” goes one of the famous quotes by the reverted Dalai Lama. In this context, the Indian insurance industry, even as it grappled with the overnight challenges thrown up by the pandemic, has applied the lessons learnt, and is marching steadily towards the digital transformation of the industry at large. Mr. K.V Dipu Senior President & Head - Operations & Customer Service, Bajaj Allianz General Insurance Co. Ltd. explains the development of digital revolution in the Indian insurance industry post COVID -19 pandemic.Read More
Health Insurance: SimplifiedHippocrates famously said, ‘Health is the greatest of human blessings.’ There is much wisdom and foresight in these words. Health is our most precious asset, and it is only befitting that we take all measures to safeguard our health. However, despite our best efforts to remain fit and healthy, we are prone to meet medical exigency at any point in time. Mr. Aditya Sharma, Chief Distribution Officer – Retail Sales, Bajaj Allianz General Insurance explains the importance of health insurance in this article.Read More
Usage-based insurance plans in motor insuranceThe evolution of auto insurance in India is driven by a growing focus on the needs of customers.Usage-based insurance plans,such as PAYD(pay-as-you-drive),PHYD(pay-howyou-drive),and combination of PAYD and PHYD, offer customers the flexibility and convenience they desire, allowing them to pay only for the coverage they use. Manish Nachnani, Head of Customer Experience at Edelweiss General Insurance shares his views on the current innovations in this area.Read More
UpComing Events

Frequently Asked Questions

All You Need to Know About Mobile Phone Insurance in India
Mobiles have become an essential part of our lives. In fact, they have become an extension of our physical self. Not only are they used for effective communication but can also be used for productivity purposes. Mobile technology, which was developed for communication purposes, now serves more than that. A few years back, feature-phones that came with features like music, cameras and radio have now evolved to have more advanced features like artificial intelligence computing, machine learning capabilities, and hence, are called smartphones.Read More>>>

Global Highlights
Poseidon Principles for Marine Insurance: First Disclosure Report published “The first Annual Disclosure Report for Poseidon Principles for Marine Insurance (PPMI) has been published today. It is a landmark step forward for transparency in the maritime and insurance sectors toward decarbonisation. Read More
Rising cost pressures push up the price of motor insurance The average price paid for motor insurance rose by 8% in the fourth quarter of last year according to the ABI’s latest Motor Insurance Premium Tracker. The unwelcome, albeit below inflation, rise for motorists reflects the sustained cost pressures faced by motor insurers.Read More
P&I clubs set $80m excess war risk cover limit for Russia Protection and Indemnity insurers have set a new excess war risk sub-limit for ships trading to areas affected by Russia’s war with Ukraine.The International Group’s $3bn general excess of loss reinsurance agreement includes $500m excess war P&I cover.New limits have been under negotiation for ships trading to Russia and areas in Ukraine and Belarus ahead of the upcoming 20 February renewal after reinsurers introduced exclusion clauses on cover. 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.