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
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
Vasudha Rao
Pratibha Sarathy
Sharad Taware
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
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.