Welcome to our latest newsletter, packed with insightful articles and valuable information. In this edition, we delve into a range of topics, including articles on the growth of commercial insurance, innovative products for the digital age, healthcare accessibility for all, and a case study on medical insurance fraud.From this edition, we're publishing the newsletter in PDF format for easy downloading and printing. We trust you'll appreciate both formats and that they enhance your reading experience.
Wish you all good health and prosperity for the festive season ahead
Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council
Welcome to the 8th Edition of our online newsletter which is now being published in pdf format also for easy downloads. Apart from our usual columns published this edition carries a detailed article on motor Hit and Run cases which are now exclusively handled on pan India basis by the Council. The council is handling many such ambitious projects for public benefit including the recent initiative to make cashless treatment applicable to all health insurance claims. Kindly visit our website regularly to get updates on such projects.
Festive days are ahead. I wish you all a very happy Dussehra and Diwali.Inderjeet Singh
Secretary General
General Insurance Council
C.R. Vijayan
Sanjiv Singh
K.N. Venkataraman
Sharad Taware
Prerna Ramnani
Elected Members
Tapan Singhel (Chairman)
Mr. Ramaswamy Narayanan
Mr Mayank Bathwal
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 Anup Rau Velamuri
Mr Krishnan Ramachandran
Mr Hitesh Kotak
Mrs Sucheta Gupta
Mr Sanjeev Srinivasan
Premium ‘Score Board’ September 2023
The premium growth at the end of September 2023 is 15 % driven by health and motor segments as in previous months. The high-growth segments continue to be Engineering, Motor, and Health. The Stand-Alone Health Insurance (SAHI) companies continue to improve the growth rate in health segment. The growth percentage in fire and marine and liability has dipped with marine and liability segments registering negative growth rate for the past few months. The total premium of the non-life industry up to September month this year stands at Rs 143,801 crores, as opposed to the previous year's total up to the month of Rs 125,192 crores.
Healthcare for all is an important and a necessary goal for the country. A demographic dividend can only be achieved if we have jobs, skills, and healthy people. The health of a nation not only reflects the well-being of its citizens but also impacts its economic progress. In this comprehensive and incisive article Mr Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance highlights the importance of health care for everyone.
Insurance for All: IRDAI's Bima Vahak Guidelines for Inclusive Insurance for all villages
In a significant move aimed at transforming India's insurance landscape, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced the 'Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023” on 9th October 2023. These guidelines are set to revolutionize insurance distribution in the country by creating a dedicated channel with a focus on enhancing insurance inclusion, especially in rural areas.
Emerging Horizons: New Opportunities in Commercial General Insurance Segment
The Indian economy continues to be a beacon of growth and opportunity, attracting both domestic and foreign investments across various sectors. The country's economic reforms and ease of doing business initiatives have further improved the investment climate, fostering entrepreneurial spirit and innovation- Mr. Sandeep Goradia Chief - Corporate Solutions Group, ICICI Lombard General Insurance Co Ltd shares his views on how the growth will spur commercial insurance segment.