ISSUE NO.

2023/43

INSUNEWS - WEEKLY E-NEWSLETTER

21ST OCTOBER – 27TH OCTOBER 2023

QUOTE OF THE WEEK

“The goal of education is the advancement of knowledge and the dissemination of truth.”

JOHN F. KENNEDY

Insurance Term for the Week

INSIDE THE ISSUE
Actuarial Cost Method
A company often looks at its accounting books to CATEGORY PAGE NO.
see whether it can afford to pay the benefits of its
future retirees. It relies on its actuaries to Insurance Industry 1
calculate this future financial projection.
Insurance Regulation 6
There are two approaches to measuring actuarial General Insurance 7
costs: the cost approach and the benefit
approach. Health Insurance 12
The cost approach calculates the amount the Crop Insurance 16
company has to raise periodically in order to pay
future benefits. The company then saves money Insurance cases 17
or earmarks future investment returns to cover
these benefits. Pension 19

The benefit approach, on the other hand, IRDAI Circular 23

calculates the benefits that the employees have
already received based on the length of their Global News 23
employment.
COI Training Program 25
 INSURANCE INDUSTRY
Insurers bullish on women-centric distribution channels; Cheer Bima Vahak guidelines –
The Economic Times – 25th October 2023
Earlier this month, the Insurance Regulatory and
Development Authority of India (IRDAI) released the
guidelines for 'Bima Vahaks (BV)', with minor changes
from the framework released in May 2023.
Every insurer shall endeavour to engage Bima Vahaks
with the focus to progressively achieve coverage of every
Gram Panchayat. The regulator is set to deploy Bima
Vahaks in every Gram Panchayat before 31 December
2024, as per the release.
In the new guidelines, IRDAI has removed the clause
restricting the number of insurers a Bima Vahak is
allowed to work with. "work with only one life insurer,
one general insurer and one health insurer and additionally where permitted by the Authority, with the
Agriculture Insurance Company of India," it added.
Meanwhile, the objective of Bima Vahak continues to be a womencentric, dedicated distribution channel
that will ensure accessibility and availability of insurance in every nook and corner of the country.
According to Insurance leaders, the recent guidelines hold immense promise for the insurance industry
with an overarching objective of enhancing insurance penetration, insurance accessibility, and inclusion.
By focusing on women-centric dedicated distribution channels, we are not only empowering women
economically but also leveraging their ability to understand the unique needs of their communities, thus
increasing trust in insurance in every village and Gram Panchayat. It brings insurance to the doorstep of
every village, enhancing financial security for countless families across the country, said Tapan Singhel,
MD & CEO, Bajaj Allianz General Insurance.
"We are confident that this initiative will play a pivotal role in elevating insurance awareness and
accessibility, ultimately contributing to the 'Insurance for all by 2047' goal set by IRDAI," he added.
According to Bruce de Broize, MD & CEO of Future Generali India Life Insurance (FGILI), the aim is to
engage resources in raising awareness about the importance of insurance and educating the rural
population about a range of products tailored to their requirements. This visionary initiative underscores
the invaluable role of local expertise, trust, and community insight in insurance distribution.
The guidelines have corporate and individual Bima Vahaks for the distribution channel. An individual
Bima Vahak could be any individual appointed by an insurer or appointed by a corporate Bima Vahak.
The Bima Vahaks, both corporate and individual, will be authorised to undertake activities like the
collection of proposal information and know-your-customer (KYC) documents and coordinate claims-
related services.
"The latest directives pave the way for insurers to actively engage with both Individual Bima Vahaks and
Corporate Bima Vahaks while adhering to rigorous industry standards. This sets the stage for a
comprehensive transformation in insurance distribution, with a pledge to broaden coverage to all
corners of our nation," he added. The Bima Vahaks will be authorised to undertake activities like the
collection of proposal information and know-your-customer (KYC) documents and coordinate claims-
related services.
'Significant breakthrough in the Indian insurance ecosystem'
The Bima Vahak Guidelines, 2023, mark a significant breakthrough in the Indian insurance ecosystem.
They outline a clear path for a dedicated, women-centric distribution channel that aims to revolutionize

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insurance inclusion propositions, especially in the remote corners of our nation, said Sharad Mathur,
MD& CEO, Universal Sompo General Insurance on similar lines. Mathur strongly believes that the
guidelines are not just regulatory measures; they represent a commitment to enhancing the accessibility
and availability of insurance throughout the nation. With a structured framework for the engagement of
both Individual Bima Vahaks and Corporate Bima Vahaks, these guidelines adhere to firm standards.
"We wholeheartedly embrace the potential of this initiative and are ready to actively participate in this
transformative journey. Through our collective efforts, we aim to ensure that every citizen, regardless of
their location, has access to the financial protection and peace of mind they deserve," he added. Echoing
what other insurers said, Shashi Kant Dahuja, Chief Underwriting Officer, Shriram General Insurance also
considers the Bima Vahak initiative as a very important step in the direction of establishing a women-
centric dedicated distribution channel at every village/gram panchayat level.
"We have been appointed as the lead insurer for the Odisha region under the regulator’s guidance for
‘Insurance for All by 2047’, and our efforts towards that are unwavering. We are also looking into putting
together infrastructure to enable a seamless interface with necessary support. One key aspect of the
initiative is that every insurer would have to make available optional modes for payment of premiums by
prospects or policyholders,” he highlighted.
IRDAI has directed insurers to put in place appropriate systems, processes, internal controls and
infrastructure to enable seamless interface with all Bima Vahaks. Further, the circular has stated that
every insurer would have to make available optional modes for payment of premiums by prospects or
policyholders. Bima Vahaks are expected to be encouraged to adopt electronic payment processes
facilitated by the insurers to enable direct remittance of premiums, it added.
'Parametric insurance stands as a beacon'
The insurance regulator has said that the guidelines for this womencentric insurance distribution
channel, Bima Vahak, will come into force with the launch of Bima Vistaar, an all-in-one standard
insurance product which is expected to be launched soon.
"In the realm of insurance reforms, the introduction of Bima Vahak by IRDAI completes a pivotal trinity
alongside Bima Vistaar and Bima Sugam. While Bima Vistaar expands insurance accessibility to the last
mile, Bima Sugam acts as a comprehensive online portal," Amit Agarwal, CEO of Howden Insurance
Brokers (India) pointed out.
According to Agarwal, to bridge the protection gap, parametric insurance stands as a beacon.
Customizable and responsive to diverse needs, it covers not just general risks but also climatic hazards
faced by rural India. By tailoring products to match the paying capacity of rural households, parametric
insurance can address uncovered risks, making insurance accessible and affordable.
(The writer is Sheersh Kapoor.)
TOP
Indian insurance companies cancel coverage for war damage – The Economic Times – 24th
October 2023
Indian insurance companies, including HDFC Ergo, have made a significant decision to cancel coverage
for damage resulting from strikes, riots, civil commotions, lockouts, vandalism, and sabotage in the
Israel/Gaza/Lebanon region due to the ongoing war. This move is aimed at mitigating potential risks
associated with war-related activities. While this will have an impact for marine cargo insurance policies,
which is important for businesses involved in shipping and transporting goods across the
Israel/Gaza/Lebanon region, insurance companies generally take such steps to avoid increase in
reinsurance rates. "Insurance companies have cited concerns about rising reinsurance costs as a driving
force behind this directive," said an executive at an insurance intermediary. "They want to keep claims in
check to avoid potential increases in reinsurance premiums. It's expected that reinsurance companies
will follow suit with their own directives."

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Typically, insurance companies sign reinsurance treaties at the start of the financial year, and while this
year's contracts are already in place, they expect higher costs when renegotiating with reinsurance
providers in April next year. The ongoing conflict in Israel has raised shipping and trade route risks,
particularly in the eastern Mediterranean. As insurers issue their directives, they are working one-on-one
with insured parties to ensure the safe transportation of shipments to and from the affected region which
are already in transit, said another insurance executive. "Transit which is already incepted will be
exempted from the above condition, which is covering any War SRCC transits from to and through the
war prone territories," the directive said.
(The writer is Shilpy Sinha.)
TOP
Insurance claims processing outsourcing India: cynergy BPO — accelerating
transformation with precision and tech – DNA – 23RD October 2023
The insurance sector is riddled with complexities, and
at the crux of these intricacies lies the claims processing
function. This delicate juncture is where policy
promises meet customer expectations, setting the tone
for client retention and trust. With global insurance
firms focusing on enhancing accuracy and efficiency,
insurance claims processing outsourcing to India has
emerged as a transformative strategy. Cynergy BPO, the
world's leading outsourcing advisory firm, is dedicated
to guiding global businesses towards leveraging this
burgeoning trend.
"India's rise as a powerhouse in insurance BPO is not
merely coincidental. It's a testament to the country's rich talent pool, robust technological advancements,
and an unwavering commitment to precision," asserts John Maczynski, CEO of Cynergy BPO. Through
their expert advisory services, Cynergy BPO connects businesses to leading call center and BPOs
specializing in insurance claims processing outsourcing to India that boast state-of-the-art tech
infrastructure and highly skilled professionals.
This tech-driven transformation has been nothing short of revolutionary. Advanced algorithms, Artificial
Intelligence (AI), and Big Data analytics now streamline claims validation, fraud detection, and auto-
adjudication processes. Such technological inclusions not only enhance the speed and accuracy of
processing but ensure a more transparent and client-friendly approach.
Ralf Ellspermann, CSO of Cynergy BPO, delves into the benefits of this shift: "By leveraging AI and
machine learning, we're looking at a future where anomaly detection is instantaneous, and claim
resolutions are quicker than ever. For insurers, this means decreased overheads, reduced fraud, and
increased customer satisfaction."
However, amidst this flurry of technological integration, the significance of the human touch remains
undiminished. It's the empathetic interaction, understanding of policy nuances, and complex judgement
calls that reinforce the indispensability of human expertise in the process. Maczynski observes, "While
tech plays an instrumental role, the essence of insurance claims processing outsourcing to India still
hinges on personal interactions. At challenging times, a human voice, understanding and guiding a
claimant, can make all the difference."
Cyber security, in the wake of digitisation, is another critical aspect. As claims processing becomes
increasingly digital, ensuring the sanctity and security of client data becomes paramount. "With world-
class IT frameworks, Indian BPOs are adept at safeguarding sensitive information, providing clients with
an added layer of assurance," adds Ellspermann.

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Insurance claims processing outsourcing to India is not just about cost-cutting. It's about enhancing
capabilities, enriching customer experiences, and ensuring every claim is processed with the utmost
precision and efficiency. Cynergy BPO stands as the guiding star in this realm, illuminating the path for
insurers worldwide, ensuring they not only navigate the outsourcing waters adeptly but also harness its
full potential.
TOP
Building the brand with end-to-end service promise: Sai Narayan, PolicyBazaar – Free Press
Journal – 23rd October 2023
PolicyBazaar’s tagline is ‘Har family hogi insured’. The IRDAI envisions that all Indians are insured by
2047. Do you believe India is on track to getting there, and how has insurtech catalysed this journey till
date?
What happens when someone does not have a health insurance or a term insurance policy? India largely
is still a single income household, except of course in the metros. When the income is dependent on one
person, and anyone in the family falls ill, that puts a burden on the entire household. Similarly, if the
earning member passes away – I am talking about the pure, classic middle class India – the entire burden
is on the family. Therefore, the need for protection is the single most important thing for households;
even before they think of buying a new car or even new white goods, they should think of buying
insurance as a product.
It is going to protect the income of the family and it is an investment. The education for this has been
quite low in India. Not just PolicyBazaar, our insurance partners, the regulator, all of us are championing
this cause of educating consumers on why it is important. If you zoom in to PolicyBazaar, we were the
first to invest a huge amount of dollars to educate people about protection, largely health and term
insurance. We championed the cause. If you ask me, we have some way to go, but we’re pretty much
getting there.
Around 10 or 12 years back, I was in an insurance company (not an intermediary like PolicyBazaar). The
customer would never walk into our office to buy an insurance policy. It was pretty much the push factor
that sold insurance. But because of this consistent advertising by PolicyBazaar over a period of time,
there is a set of customers who are directly logging onto our website or app wanting to know more about
health or term insurance. These conversations have started and this is a very, very positive move.
The mission towards 2047 requires more partners, more industry initiatives for educating the customer,
and this entire thing of online and offline coming together. But we are definitely in a better space today
than we were a decade ago.
PolicyBazaar has been an early mover on education. We have seen campaigns like ‘Sar Utha Ke Jiyo’ and
even work from LIC, even earlier. Would you agree that those campaigns didn’t make so much of a dent in
terms of penetration?
I don’t think we can say that. It did create a dent. ‘Sar Utha Ke Jiyo’ was an iconic campaign. I remember
people talking about it.
What has changed is that today there is more active communication happening. If you look at
PolicyBazaar’s communication, we are pretty much direct and we say things like it is. Previously, the
conversation around death was not happening. Conversations about insurance and the importance of
insurance were happening. But a lot of people were mollycoddling around it. Right from the time we
started advertising, we called a spade a spade. If you look at our communication, like Yamraaj, to ‘Ullu
mat bano’ to the more recent ‘Ghor paap’ campaign with Pankaj Tripathi, it is telling the consumer that if
you die, the death is going to impact the entire family, so don’t be irresponsible.

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Telling a man that you are being irresponsible for not buying a term insurance is a very big thing in the
Indian context. Someone might just say, ‘How can you call me irresponsible, when I am earning for the
household working a 9 to 5 job, putting the food on the table and taking care of everything else?’ But, not
buying term insurance is the biggest act of irresponsibility. If there were fence-sitters, PolicyBazaar
pushed them.
Even with health insurance, we have seen a lot of communication saying ‘Health is wealth’, ‘Be healthy’
and so on. We said if you don’t take health insurance, all your savings will be wiped out. People lose all
their savings with just one person in the family falling unwell. This kind of hard-hitting communication
egged people to check out PolicyBazaar. Our mission has been to educate people and build the brand
around that.
This hard-hitting communication has obviously worked – which is why we are talking about it. How has
its success been tracked and measured?
We are a listed company now, and we were funded by investors earlier. So every dollar that we spend,
needs to be measured. We have very clear RoI metrics.
Whenever we did a large TV campaign, our website traffic used to increase. This used to happen because
of the second screen phenomenon. You’re watching TV and if a piece of communication is engaging
enough, you end up searching for it on the mobile. If we were advertising for motor or health (or
something else) on prime time, the next day we would come into the office and see the data – there is a
significant jump in leads and traffic during that time slot for the advertised product. That encouraged us
to invest more on TV because we could see the RoI, and also, the brand building exercise was happening.
We were obviously tracking awareness, recall and other hygiene metrics like everyone else, but we were
more focused on the campaigns we were running and the traffic we were generating with respect to that
product category. By virtue of being an online portal, visitors end up shopping for other products as well.
You mention that TV worked well for you. Now in the age of Connected TVs and OTT, what does the
media mix look like?
We are a digital-first brand. Our presence on digital is very high, be it on Google search or Meta or any
other platform. In terms of our brand building efforts, a large share goes to TV. We have also been
consistently advertising on Connected TV and other digital platforms. A lot of OTTs are still not open for
advertising. When that opens up we will be there as well.
Each of the campaigns must have been rooted in a particular context, and created in response to
particular challenges. Can you talk us through some of them?
Let me divide the campaigns into three broad phases.
When we started out, PolicyBazaar was a novel concept that people weren't aware of. We took our
insights from what was happening at that point of time – there was a lot of push-based sales, a lot of mis-
selling with things like ULIPs. This was back in 2008-’09. Our first ever campaign was ‘Ullu Mat Bano’.
The first insurance that a person would have bought would be through an agent, who would be your
father’s best friend (or someone known). The buyer wouldn’t know what the policy is, or what returns he
would be getting. The ‘Ullu Mat Bano’ campaign was about the fact that the power should lie in the hands
of the consumer. The proposition was – Compare on PolicyBazaar.com before you buy.
The second phase was when we realised that the role of PolicyBazaar was not just to tell people to come
and compare, but to start educating them. We spoke about this earlier. This was the single most
important phase for us, where we took the responsibility of building the category – explaining to
consumers why it is important to buy term insurance or health insurance.
The third phase, which is a very exciting phase right now, is about the single most important moment of
truth in the life of a consumer – claims. A consumer buys an insurance product hoping that he would
never have to use it. But if he has to use that product, the claims experience is extremely important.

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We’ve built a product with insurers on claims; it is about how we can help consumers at their toughest
time. We recently did some customer testimonial campaigns which went live on TV and digital platforms.
Our own customers were talking about their claims experience.
Would it be right to say that auto insurance is the most sold online? And life/term, the least?
Motor insurance is compulsory. And there are just a couple of things people look at, apart from price. I
would say the assistance required in buying motor insurance is not very high.
A health insurance or term insurance is slightly more complicated. People require some bit of
handholding and help in understanding features. There are a lot of questions, making it difficult for
people to buy it themselves, online. Having said that, because of PolicyBazaar a lot of people have started
buying it online, but there is a percentage of assistance that happens on our side also. There is the call
centre and we have also started feet-on-street, for when a customer wants someone to visit.
There are so many digital insurance options today. Apart from the comparison that it allows, is there a
differentiator that PolicyBazaar offers?
Comparison is just a single point of entry for the consumer.
We work very closely with our insurance partners to co-create products for consumers. PolicyBazaar is
blessed with the ability to listen to consumers on a daily basis. Not just listening, but also understanding
their problems, challenges they find in a product and so on. We take these as insights and go back to our
insurance partners, to build products for those needs.
For example, sometime back, to renew your expired car insurance, a physical verification used to happen.
Along with the insurance company, we made it digital.
I spoke about claims assistance. It is not a platform where you simply compare and we just pass on leads
to insurance companies. It is an end-to-end service, from comparing products to selecting them to
assisting you in buying them to claims. That is the promise around which we are building the brand.
Consumers like it that way – they want to speak to just one person. Irrespective of who has issued the
policy, if the consumer bought it from PolicyBazaar they want end-to-end closure.
What next for PolicyBazaar? Is awareness an achieved target or is it ongoing?
It is ongoing. People are aware of us. Even if they end up buying elsewhere, they will still search for
PolicyBazaar when it comes to insurance. We want that awareness to quadruple.
There is a lot to be done. The industry needs to come together to create products which are simpler for
the consumers to understand. We need to improve affordability so that more people buy insurance. We
need to build more trust that by investing in insurance one is in safe hands – that your claims will get
settled. The other important thing is to educate people to declare illnesses upfront when it comes to
health insurance. Most claims don’t get settled because illnesses aren’t declared upfront. Also, the power
of physical and digital need to come together to solve the larger problems.
(The writer is Gokul Krishnamoorthy.)
TOP
INSURANCE REGULATION
IRDAI Forms Panel to Simplify Insurance Policy Wordings – The Hindu – 26th October 2023
The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a 12-member
committee for simplification of insurance policy wordings. Consisting of Insurance Advisory Committee
members, General and Life Insurance Councils as well as IBAI representatives, Principal Officer, State
Bank of India (corporate agent) and a few of its own senior officials, the committee has been tasked to
“examine existing insurance policy wordings and suggest simple, plain wordings that are legally correct
and enforceable.”

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The terms of reference require the committee to come up with simple policy wordings that clearly
specify obligations and responsibilities of all parties to the contract. It is also required to suggest
specifications such as typefaces for written material and presentation, for both print as well electronic
records that are easily readable and comprehensible, IRDAI said. Setting a 8-10 week time frame for
submission of the recommendations, IRDAI permitted the committee to rope in external experts, if
needed. The committee comes in the backdrop of difficulties policyholders encounter in comprehending
the terms and conditions in insurance policy contract because of “complexity in language used. This leads
to the policyholder [getting] confused... to make informed decisions while purchasing an insurance
policy,” the insurance regulator, which is pursuing an insurance for all by 2047 goal, said.
(The writer is N Ravi Kumar.)
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GENERAL INSURANCE
Insurance premiums to turn 10% costlier – Madras Tribune – 25th October 2023
The increase in reinsurance rates is expected to result in a minimum 10% rise in insurance premiums for
properties, liabilities, marine, and motor covers in the coming months, top executives of Indian general
insurers said.
“The cost of reinsurance is expected to increase the property premiums by 8-10% across a few categories
of risks. Similarly, we may witness an increase in motor and marine covers as well,” said Ritesh Kumar,
managing director and chief executive of HDFC ERGO General Insurance Co. Ltd.
India’s general insurance industry, comprising 24 companies and excluding standalone health and
agriculture insurers, underwrote a gross premium of ₹2.15 trillion during FY23, a 16% increase from the
previous year. These insurers collectively hold 84% market share in the general insurance industry.
Bhargav Dasgupta, managing director and CEO of ICICI Lombard General Insurance Co. Ltd, India’s
largest private general insurer, said, “Extensive damages are happening, which in turn, increased the
reinsurance costs for Indian insurers.” For India, reinsurance rates have risen roughly 40% and 60%,
Dasgupta said.
“Due to the exposure to catastrophe losses, (reinsurance) rates have gone up, which affects all lines of
business—factories, properties, motor, everything it affects. The lines that got affected more are the
commercial lines, for corporates,” Dasgupta said. HDFC Ergo’s Kumar stated that about 50% of the
premiums for property and liability lines of business at the industry level are reinsured.
Indian companies buy large insurance covers
to mitigate the impact of unforeseen liabilities
and catastrophic losses. They typically buy
insurance cover to protect against fire,
marine-related risks, engineering, and
business interruptions.
Motor insurance is, however, mandatory for
all vehicle owners in India. Motor insurance
alone contributed ₹81,292 crore in premiums
to the general insurance industry’s total
business in FY2023.
With the latest rise in reinsurance costs, the
premium rates for buying insurance for
vehicles such as passenger cars, bikes and
commercial vehicles are likely to go up by 10-15% in the next few months, according to industry experts.

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At ₹8,582 crore, ICICI Lombard’s motor business alone contributed around 40% of the company’s total
premium in FY2023. The insurer’s total premium grew by 17% in FY23. According to the Insurance
Regulatory and Development Authority of India (IRDAI), during FY23, general insurers underwrote a
total fire insurance premium of ₹23,933 crore, marine insurance premium of ₹5,058 crore, engineering
insurance premium of ₹4,281 crore, aviation insurance premium of ₹889 crore and a liability insurance
premium of ₹4,863 crore.
General insurers’ liability portfolio comprises insurance cover against workmen’s compensation,
employers’ liability, public liability, product liability and other liability covers. HDFC Ergo’s Kumar said
since central banks in Western countries have increased interest rates by 4.5-5% over the last 12
months, increasing the cost of capital for global reinsurers.
Further, Kumar said the climate change uncertainty had gone up in recent years, leading to huge losses
for the reinsurers.“Even though there has been a limited impact of catastrophes in India, the reinsurance
cost for catastrophic covers has increased significantly during the year. In lieu of this, a significant impact
is expected on the premiums for property and engineering risks, especially for flood cover,” Kumar said.
He said that major reinsurers providing reinsurance capacities in India are based in Europe and the US.
Globally, Munich Re, Swiss Re, Hannover Re, SCOR (France), Partner Re, Everest Re, Lloyd’s and
Reinsurance Group of America are the top reinsurance firms.
“A couple of events happened in the Ukraine war, which has increased the losses for the industry. The
reinsurance rates have gone up also because of the climate change and the related losses that we are
seeing,” said Dasgupta, whose company underwrote a total gross premium of ₹21,025 crore for FY23, the
highest among private players, commanding a market share of 8.2% in the general insurance industry.
“The Western world, particularly, has had a series of catastrophe losses, and that has had a significant
financial impact on the reinsurance market, according to ICICI Lombard’s Dasgupta.
“At the same time, because of inflation, interest rates are going up, their (reinsurers’) investment book
had had some hits. So the interest rates globally have gone up. Even this year for India also, for all of us in
the market, reinsurance rates have gone up,” Dasgupta said.
TOP
General insurance will grow by 18-24% in FY24: Kishore Kumar Poludasu – Business
Standard – 24th October 2023
Retail health insurance product sales have picked up after the pandemic due to increasing awareness and
entry of new players, says Kishore Kumar Poludasu, managing director (MD) and chief executive officer
(CEO), SBI General Insurance. Edited excerpts:
How did the motor insurance segment perform in recent quarters? Is the growth back to pre-
Covid levels?
When you see motor insurance, the automobile sector is especially growing very fast. The growth
momentum is there in both petrol vehicles as well as battery-operated ones. This momentum will grow
further, going forward, with the ongoing festival season of Dussehra and Deepavali. When you see the full
financial year, we see a substantial growth in the automobile sector, which, in turn, will lead to motor
insurance growth. SBI General Insurance is a multi-product and multi-channel distribution network. I
think that is helping us really drive across all portfolios and all business segments, including motor.
Overall, what kind of growth do you see for the current financial year as compared to the previous
year?
So, last financial year the industry grew by around 16 percent. And, with the kind of initiatives the
regulator is taking by liberalising, the entry of new players and support of the Centre, we see the
premium to grow around 18-24 percent.
Previously, the growth in the health sector was primarily driven by group health policies. Do you see a
pick up in retail health also?

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Yes, absolutely. We saw that the pandemic triggered interest and awareness among the people about the
need for healthcare. They are taking health insurance as a risk mitigation and risk transfer mechanism.
We have seen momentum in retail health, and this is helping the occupying health business become one
of the highest portfolios among general insurance. We are seeing substantial growth in retail health,
including personal accidental insurance.
What is driving this growth? Is it because of price correction, or better distribution capabilities?
It is both, awareness among the population, also the distribution reach and the entry of new players with
new products. There are multiple variants and add-ons being offered, which gives value for money to
customers.
The insurance regulator has given some targets to companies. How are you on these targets, in
terms of your growth numbers?
The numbers the regulator has mentioned are basically the advisory numbers. Right now, the premiums
of the insurance industry is around ~2.2 trillion. It is envisaged that it will cross ~11 trillion by 2026-27.
The insurance penetration, which we measure in terms of premium versus GDP, is currently at 1 percent
for the general insurance sector. It will reach 2.5 percent by FY27. In SBI General, we are on track to meet
the expectations of the regulator. In September itself, we have seen a growth rate of around 30.5 percent
in terms of premiums.
How do you see Bima Sugam disrupting the insurance marketplace?
Bima Sugam has been contemplated by the regulator and other stakeholders to give a level-playing field
and an opportunity to the customer to have a better pricing awareness. So, this multi-fold objective is
being worked out through the Bima Sugam, which is an online portal. Here, all the insurance players will
display their prices for a common product, which is a combination of life insurance and general insurance
products.
(The writer is Manojit Saha.)
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India Post Accidental Insurance: Accidental insurance of Rs 795 lakh for just Rs 20; Avail the
scheme from any post office – ABP News – 23rd October 2023
In order to ensure that the accident victim does not face
physical and financial difficulties, the Post Office has
come up with a joint insurance plan with two insurance
companies Tata AIG and Bajaj Alliance for Rs 795.
India Post Accidental Insurance: In a hectic life,
accidental insurance has become the need of the hour. So
the Indian Post Payment Bank, which has always been
trusted by Indians, is people-oriented. The bank has also
stepped into the insurance sector (India Post Accidental
Insurance). In order to bring the benefit of this facility to
the general public, the Department of Posts Kolhapur is
opening the insurance of two insurance companies Tata
AIG and Bajaj Allianz through India Post Payment Bank.
Arjun Ingle, Deputy Superintendent, Post Office, Kolhapur Division, said that a special drive is being
conducted from October 795 to 20, 26 to open accidental insurance of Rs 28 lakh of Indian Post Payment
Bank for Rs 2023 in all post offices of Kolhapur district.
Combined insurance plan with two insurance companies
India Post Accidental Insurance is a banking service operated by the Government of India. The service is
operated by the Indian Postal Department. In order to ensure that the accident victim does not face
physical and financial difficulties, the Post Office has come up with a joint insurance plan with two

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insurance companies Tata AIG and Bajaj Alliance for Rs 795. This accidental insurance is insured by the
Indian Postal Department. Tata AIG has to pay an annual premium of Rs 399 and Bajaj Allianz has to pay
a premium of Rs 396.
Documents required for this scheme
Aadhaar card and mobile number, India Post Payment Bank account required and the benefit of the
scheme is possible from any post office. A premium account can be opened in India Post Payment Bank
along with the insurance scheme. The premium account offers free doorstep banking services, cash
refunds on electricity bill payments, life certificates, unlimited free cash deposit deposit deposits and
withdrawals. For more information, www.ippbonline.com can visit the IPPB website. Ingle appealed to all
the people of Kolhapur district to contact the nearest post office or their postman and take maximum
advantage of this service during this special campaign.
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India: Non-life giant expected to post profits despite market challenges – Asia Insurance
Review – 23rd October 2023
Challenging market conditions are anticipated to
constrain the underwriting results of The New India
Assurance Company over the medium term, says AM
Best. But the country's biggest non-life insurer's overall
operating results are expected to remain profitable.
New India produces an operating performance that is
assessed as adequate, says AM Best. The listed company
has reported positive operating results on a consolidated
basis over the last five years, with an average return-on-
equity ratio of 2.7% (fiscal years 2019–2023).
In the fiscal year ended 31 March 2023 (FY2023), the
company reported improved underwriting losses due to the reduction in COVID-19 health claims and the
remediation action taken by New India. This was partially offset by a higher loss ratio of motor insurance
and adverse development of prior-year claims in crop insurance and foreign catastrophe losses. Robust
investment incomes, including interest and dividend incomes, as well as realised gains from the sale of
equity investments, provide a sizeable contribution to overall earnings.
Ratings affirmed
The global credit rating agency has affirmed New India’s Financial Strength Rating of ‘B++’ (Good) and
the Long-Term Issuer Credit Rating of ‘bbb+’ (Good). Additionally, AM Best has assigned the India
National Scale Rating (NSR) of ‘aaa.IN ‘(Exceptional) to New India. The outlook of these credit ratings is
’Stable’.
The ratings reflect New India’s balance sheet strength, which AM Best assesses as very strong, as well as
its adequate operating performance, favourable business profile and marginal enterprise risk
management (ERM). In addition, the ratings factor in the neutral impact of New India’s ultimate majority
ownership by the Government of India.
Balance sheet strength
New India’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which
remained at the strongest level in FY2023, as measured by Best’s Capital Adequacy Ratio (BCAR).
AM Best views the company’s investment portfolio as having moderate risk. Although a large portion of
investments are held in domestic government and corporate bonds, which are well-rated on the local
scale, the balance sheet remains subject to volatility arising from the company’s allocation to domestic
equity investments.

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The majority of New India’s reinsurance assets are of good credit quality, notwithstanding that the
company maintains a reinsurance counterparty concentration on the domestic reinsurer, General
Insurance Corporation of India (GIC Re).
Business profile
New India’s favourable business profile assessment reflects its market position as the largest non-life
insurer in India by gross premiums written. The company’s underwriting portfolio is moderately
diversified by lines of business and distribution channels, although with an elevated concentration in
health insurance. International geographical diversification is supported by the company’s overseas
operations, through its foreign branches, agency offices and subsidiaries. The domestic market continues
to present significant growth opportunities for New India, although AM Best considers high market
competition, particularly in the health and motor businesses, to be an offsetting factor.
Risks
New India’s ERM is assessed as marginal given that the profile of some key risks exceeds the company’s
risk management capabilities and the ERM framework continues to evolve. The company’s audited
financial statements have been qualified for several years as a result of internal control weakness in the
reconciliation of certain items and accounts. Whilst New India is progressing in strengthening internal
controls and has partially addressed some audit matters, inadequate resolution of audit matters has
impacted the company’s financial reporting quality over several years.
Elevated concerns persist over New India’s pricing discipline and underwriting risk management given
the level of ongoing underwriting losses and the competitive market environment. Overall, whilst New
India continues to take actions aimed at strengthening its ERM, there remains a gap between the
company’s ERM framework and the global standards for an organisation of its scale.
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Cyber insurance critical for small, medium enterprises – The Hindu Business Line – 22nd
October 2023
India’s economic progress today heavily banks on the
Small and Medium Enterprises (SMEs) and Micro, Small
and Medium Enterprises (MSMEs) that are the backbone
of the business ecosystem. And, reasonably so, after all,
together, these enterprises contribute more than 28
percent to the GDP generating employment and trade
opportunities. However, this also means they need a
robust shield against any risks, given the high stakes.
Especially, in this age of heavy digital reliance,
businesses cannot afford to overlook the high financial
and legal implications that come bundled with cyber
risks. Nonetheless, amid this economic vibrancy, SMEs
and MSMEs are also more susceptible to cyberattacks. A recent report by cybersecurity firm Acronis
indicated companies in India have reported more cyberattacks than anywhere else in the world.
Government initiatives such as the Digital Personal Data Protection Bill also aim to protect and
strengthen data privacy. But one also needs to be prepared with measures to tackle any unfavorable
outcomes if such an attack were to actually happen. This is why cyber insurance is the very first step for
organisations towards ensuring cybersecurity. SMEs and MSMEs have become prime targets for
cybercriminals. They face a wide range of cyber risks including data breaches, malware attacks, phishing
attacks and denial-of-service attacks. They are soft targets because compared with large corporations,
they often have fewer resources to invest in cybersecurity. Also, they are less likely to have a team of
security experts. Studies also indicate that about 43 percent of all cyberattacks are directed at small
businesses and start-ups. The consequences are multi-pronged. They often result in financial losses,
damage to reputation, and operational disruptions.

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Only Cyber insurance can provide SMEs and MSMEs the protection at a cost that they can afford. It
provides a financial safety net, covering the costs associated with data breaches, ransomware attacks,
and cyber incidents. For cash-strapped SMEs, this can be the difference between survival and insolvency.
Understanding the unique challenges faced by SMEs and MSMEs, insurers now offer specialised cyber
insurance solutions tailored to their needs. These policies not only consider scale of operations but also
the extent of digital reliance and specific cyber risks they are exposed to. Cyber attacks on SMEs and
MSMEs often come in the form of ransomware and cyber extortion. The perpetrators hack into the
systems and block all access unless the victim pays a ransom. Cyber insurance can help navigate through
such risks. The policy can cover a wide range of costs, including notification costs, which are the costs of
notifying customers and other affected parties about a data breach. These policies also assist with legal
expenses arising from a data breach. Cyber insurance often covers the costs associated with restoring lost
or compromised data as well. For SMEs and MSMEs, the aftermath of a cyberattack extends beyond
financial losses. The tarnishing of reputation becomes a critical cost. With a significant portion of their
business often built on trust and relationships, any breach of data integrity can erode customer
confidence. The loss of trust results in a significant client exodus, impacting revenue and making client
acquisition an uphill battle. Additionally, attracting talented professionals becomes challenging as
potential employees hesitate to align with a business tainted by a cyber incident. A cyber insurance policy
often includes provisions for reputation management, helping businesses navigate the aftermath of a
cyberattack and rebuild trust with stakeholders. In an era where digital inter-connectivity is the lifeblood
of business operations, SMEs and MSMEs are now realising that cybersecurity is not a luxury but a
fundamental business requirement.
(The writer is Sajja Praveen Chowdary.)
TOP
HEALTH INSURANCE
Why NRIs should secure their lives with Indian insurance – Live Mint – 26th October 2023
Insurance is integral to financial planning, particularly because it helps mitigate losses. That’s the reason
why financial experts always tout the benefits of both life and health insurance. But, are these policies
merely for resident Indians or do non-resident Indians (NRIs) also need them? Many NRIs are unsure
about this. UK-based Jaya Mishra (33) is one of them. She had an individual health insurance policy in
India but discontinued it when she moved to the UK. She even pays a premium there to avail of UK’s
National Health Service (NHS). “My husband and I visit India once or twice a year but we are not sure if
we’ll ever come back and settle down here. If we do, we shall evaluate Indian insurance policies," says
Mishra. The couple does not have a term life insurance policy either. Like Mishra, many NRIs, too, have
the perception that they don’t need insurance policies from India. Some say they will get it if they ever
decide to move back to India permanently. And many do not even buy a proper travel policy to cover
their short trips to the country. Insurance experts say this is a grave mistake. “One of my clients visited
India on a holiday recently. His children had to be hospitalized here due to lactose intolerance. He had to
shell out about ₹2-3 lakh on hospital bills within a couple of days. He did not have a health insurance
policy or a travel policy and so had to pay everything from his savings," says Nisha Sanghavi, a certified
financial planner and co-founder of Promore Fintech.
(The writer is Aprajita Sharma.)
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Best health insurance for diabetes secures your health and wealth, ET HealthWorld –
Madras Tribune – 25th October 2023
As lifestyle diseases are on the rise, many people nowadays live at risk of developing diabetes. Diabetes is
a metabolic disease characterised by the blood glucose (blood sugar) level. Research findings indicate
that diabetes is one of the key causes of blindness, kidney failure, heart attack, stroke, etc. According to

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the World Health Organisation (WHO), Diabetes is a growing challenge in India with an estimated 8.7 per
cent diabetic population in the age group of 20 and 70 years.
Diabetes occurs when the blood glucose level increases in
the body. The condition is further divided into two
categories. Type 1 diabetes occurs because of the
impairment of the pancreas to produce insulin. Whereas
in type 2 diabetes, the body does not use the produced
insulin. Quality healthcare, regular health check-ups,
doctor consultation, etc, are necessary to manage blood
sugar levels to prevent or to get diabetes treatment.
Does your existing Health Insurance policy cover
diabetes? If so, what is the need for a separate Health
Insurance policy for diabetes? Without a doubt, a standard
Medical Insurance policy will cover diabetes and related
expenses. Let us understand the ground rule of how far a standard Health Insurance policy covers
diabetes.
Across the health insurance industry, Diabetes falls under the pre-existing disease (PED) category. And
we are well aware of the fact that all pre-existing diseases are always bound with a waiting period, which
ranges between 12 months to 48 months. The waiting period varies depending upon the opted health
insurance plan and the insurer. Moreover, the insured becomes entitled to PED coverage after the
completion of the same. For your reminder, to tide over the waiting period, continuous renewals are
necessary, failing which, the waiting period will start all again.
The monthly expenses spent on medication and insulin might go unnoticed, but they might drain your
savings and cause financial troubles. Additionally, the incurred outpatient expenses become eligible for a
claim only if the outpatient expenses fall under the inclusion of the policy document. If not, the insured
becomes liable to pay the outpatient expenses out-of-pocket. Being mindful of society and addressing the
needs of every individual, health insurance firms are offering specially crafted health insurance policies
for diabetes. These uniquely designed policies are for people diagnosed with diabetes (both type 1 and
type 2) to cover the treatment costs and hospitalisation expenses of diabetes and other related expenses.
Therefore, they offer wider coverage for diabetes and related expenses and secure your savings as well.
The benefits and coverage of diabetes health insurance policies are unique to the health insurance
provider. Some make it as an individual health insurance plan, while some entitle the insured to add their
spouse, which upgrades the policy as a family health insurance policy. As a pioneer in the health
insurance industry, Star Health and Allied Insurance Co Ltd holds a significant position through
introducing unique and innovative products. The company’s innovation speaks of the need to address the
healthcare requirements of every individual. In this regard, Star Health offers Diabetes Safe Insurance
Policy, a specially crafted policy for people diagnosed with diabetes (both type 1 & type 2).
This policy covers the expenses incurred for diabetes and its related complications. It does not stop there
– the prime feature of the policy is that it offers extended coverage by indemnifying the regular
hospitalisation expenses (incurred due to illness, diseases, injuries or accidents) as well. The policy has a
minimum entry age of 18 years and a maximum of 65 years. However, only people diagnosed with
diabetes can avail the policy. The floater basis under the policy is provided for a family size of two adults
(self and spouse only), subject to a requirement that either of them is diabetic. Moreover, the policy also
offers flexible plan options such as Plan A and Plan B. Besides hospitalisation coverage, the Diabetes Safe
Insurance Policy is loaded with benefits.
The policy offers personal accident cover. By opting for this policy, the insured becomes eligible for
worldwide personal accident cover at no additional cost, subject to the policy’s terms and conditions.
Outpatient expenses, automatic restoration of the sum insured, day care procedures, cataract treatment,

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modern treatment, etc, are a few other benefits of this policy. To discover more about the policy
information, check out Star Health’s official website.
Medical conditions should not be overlooked, and a chronic disease like diabetes creates a high risk of
developing critical illnesses. Protect your savings from being wiped away by medical bills. It only takes a
little investment and time to stay secure even during the uncertainties. The best health insurance for
diabetes secures your health and wealth. Make sure to invest in the right health insurance policy that
favours your needs.
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Health insurance: Nationwide unified cashless network, fully cashless system set to be
launched soon, says report – Live Mint – 23rd October 2023
The Insurance Regulatory and Development Authority of
India (IRDAI) is collaborating with industry stakeholders
to implement two fresh enhancements in health insurance
policies, according to The Economic Times. These
enhancements include a unified network of hospitals
accessible for all health insurance policies offered by any
health insurance or general insurance provider
nationwide, as well as the implementation of a fully
cashless settlement system, covering all expenses, it said.
Currently, cashless settlement services are accessible in
49 percent of the hospitals in India. Both general and
health insurance companies frequently update their roster
of affiliated hospitals in response to costly medical bills and fraudulent claims aimed at maximising
payouts from insurers. To address these dual challenges, the insurance regulator, in collaboration with
the General Insurance Council (GIC), aims to establish a nationwide, industry-wide common cashless
hospital network. This initiative aims to expand and streamline the health insurance claims settlement
process, said the report.
The report, citing industry insiders, said the General Insurance Council has already formed a committee
with the goal of creating a shared hospital empanelment system.
The committee is also in the process of devising a standardised onboarding rate for hospitals by insurers,
as opposed to the current scenario in which different hospitals and insurance companies have separate
agreements with varying rates, it added.
In addition to implementing a common cashless network accessible to all insurance providers, the
regulatory authority is also preparing to introduce a 100 percent cashless health insurance claim
settlement system, as per the report.
Frequent negative claim experiences in health insurance often dissuade potential buyers from investing
in health insurance policies, as they question the reliability of such policies. Significant enhancements in
this regard can help rebuild policyholders' trust and confidence. This will also guarantee equal access to
hospitals, regardless of the insurance provider, fostering greater trust and thereby increasing the
adoption of insurance throughout the country, it said.
“The initial phase is progressing smoothly, and it is highly probable that they will be introduced by
January 1, 2024, as the details are currently being finalised by the Council," Parthanil Ghosh, President-
Retail Business, HDFC ERGO General Insurance, was quoted as saying in the report.
(The writer is Abeer Ray.)
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Resigned? Now migrate to a new policy with the same insurer – Financial Express – 21st
October 2023
A company’s group health insurance cover ceases to exist once an employee retires or resigns from the
organisation. However, the employee including family members can migrate to an individual or family
floater health insurance policy with the same insurer if he acts in time. For this, the insured employee has
to intimate the insurer prior to leaving the employer or within five days of the date of cessation of group
membership to issue a new retail health insurance policy for himself and his dependents (who were
named as insured persons in the earlier policy) for cover up to his sum insured under the policy, on
payment of premium in full for the new policy. After the migration, the insured can even opt for
portability with any other general or standalone health insurer if needed.
Conditions for migrating
At the time of porting the group health insurance to an individual policy, the insured can even increase
the sum insured according to his needs as most often employers offer a limited sum insured. Also, all the
benefits accrued in the group policy will get transferred to the new individual policy.

In group health insurance portability, the waiting period typically ranges from 30 to 90 days. However,
the waiting period for a certain disease under an individual or family floater policy ranges between two
to four years. Brij Sharma, founder and chairman, MDIndia Insurance TPA, says an employee about to
leave an organisation has the right to migrate from a group cover to an individual or a family floater
health insurance plan of the same insurer.
Careful review
It is important to review the terms and conditions of the new policy such as premium, waiting period or
exclusions before migrating from a group policy.
When migrating from a group insurance policy to an individual or family cover, the insurer will adjust the
premium based on several factors such as the individual’s age, overall health, and any pre-existing
conditions. Underwriting will involve a medical examination and if the individual is considered higher
risk, a loading may be added to the standard premium. So, review these factors with the insurer to
determine the precise premium amount when making the switch.
Comprehensive cover
While insurers allow migrating a group health insurance policy to an individual policy, it is better to have
comprehensive health insurance even if one is covered under a company’s group insurance. Moreover,
the premium of an individual policy taken at a young age will be cheaper than a cover after migration.
“Migrating is beneficial for job flexibility and customisation, while opting early makes sense for long-term
coverage and lower premiums, especially when starting at a younger age. The choice should align with
one’s specific needs and future plans,” says Rakesh Goyal, director, Probus Insurance Broker.
REMAIN ALWAYS UNDER COVER
All the benefits accrued in the group policy will get transferred to the new individual policy on migration
You can even increase the sum insured according to your needs or opt for portability with another
insurer later
It is always better to have comprehensive health insurance even if you have a company’s group insurance
cover.
(The writer is Saikat Neogi.)
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 CROP INSURANCE
Govt likely to set aside Rs 30,000 crore for PM Fasal Bima Yojna expansion – Business
Standard – 23rd October 2023
The government is considering putting aside Rs 30,000
crore to expand the Pradhan Mantri Fasal Bima Yojana
(PMFBY) portal, a Mint report said. The government plans
to convert it into a comprehensive platform that covers
insurance coverage beyond crops to include assets such as
ponds, tractors, livestock, and palm trees, officials familiar
with the subject told Mint.
This program will be driven by the Ace Integrated
Development Environment (AIDE) application, which was
launched in July to ensure door-to-door enrolment, with
the intent of making crop insurance more accessible and
convenient for farmers. The app will facilitate insurance
intermediaries to enrol farmers for crop insurance in addition to extending the coverage to 40 million
farmers for non-subsidised schemes, the Mint report added. Also Read: Govt hikes wheat MSP by Rs 150
per quintal to Rs 2,275 for 2024-25.
Two officials familiar with the development told Mint, "We are planning to build a platform. It's a
transition from being a portal to a platform. AIDE app is already operational to enrol farmers for crop
insurance." As farmers enrol for crop insurance, which is PMFBY, they may also want to get insurance for
their other assets that don't get subsidies. The government wants to cater to this potential demand."
Earlier, the government restructured the PMFBY, which resulted in the insured area rising by 12 per cent
in 2022-23 compared to the previous year and reaching over 49.7 million hectares, the report said. The
insured area is expected to hit an all-time high of 57.5-60 million hectares in the 2023-24 Kharif season,
the Mint report said. Also Read: HPMC procures 32454 MT apples under MIS: State horticulture minister.
Other than this, several states, including Andhra Pradesh, re-enlisted in the scheme, while others are
planning to rejoin it given the expansion in its coverage under the restructured PMFBY scheme in the
respective states. For instance, Jharkhand has decided to re-enter the scheme from Kharif 2024-25, after
settling the long pending claims of Rs 765 crore. The total number of insurance companies participating
in the scheme has also grown, with 15 taking part in the 2023 tender cycle. In 2020, only 11 insurers
were offering their services in the scheme.
TOP
Govt plans ₹30,000 crore push to expand crop cover portal – Live Mint – 22nd October 2023
The government plans to earmark ₹30,000 crore to expand the Pradhan Mantri Fasal Bima Yojana
(PMFBY) portal into a comprehensive platform that will extend insurance coverage beyond crops to
include assets such as ponds, tractors, livestock, and palm trees, two officials said. This initiative will be
driven by the AIDE app, launched in July, to ensure door-to-door enrolment, making crop insurance more
accessible and convenient for farmers. Through this app, insurance intermediaries will not only enrol
farmers for crop insurance, but also extend coverage to 40 million farmers for non-subsidized schemes.
“We are planning to build a platform. It’s a transition from being a portal to a platform. AIDE app is
already there for farmers, through which insurance intermediaries enrol farmers for crop insurance.
While they enrol the farmers for a subsidized scheme, which is PMFBY, farmers may also want some of
their other rural products that are not subsidized to be covered by insurance. If the portal is converted
into a platform, farmers will be able to get insurance coverage for their non-subsidized agricultural
assets," one of the two officials said on condition of anonymity.

16
“Based on the subsidized platform, we will try to get schemes enroled onto our platform where farmers
of certain regions will be given choices to opt for other schemes," the official added. PMFBY, a central
government-sponsored crop insurance scheme which integrates all stakeholders on one platform has
been revamped with the incorporation of new technological initiatives like YES-Tech, WINDS portal and
AIDE app, marking a turning point for crop insurance in India. Following the restructuring of PMFBY,
insured area in 2022-23 rose by 12% as compared to the previous year, reaching more than 49.7 million
hectares, and is expected to hit an all-time high 57.5-60 million hectares insured acreage in the 2023-24
Kharif season.
Besides, several states, including Andhra Pradesh re-enlisted in the scheme, while others are planning to
re-join due to the universal approach under the restructured PMFBY scheme to cover all farmers in the
respective states. After the revamping and the government settling long pending claims of ₹765 crores
since 2018-19 Kharif season, Jharkhand has finally decided to re-enter the scheme from Kharif 2024-25
season. The number of insurers participating has also risen, with 15 taking part in the 2023 tender cycle,
compared to 11 in 2020.
“If it turns out the way we are planning, it will help in insurance penetration, and offer a platform to
companies to sell. More importantly, we will know what the farmers need," he said. “If we do it for one or
two years, we will come to know what type of insurance farmers in a certain region want. We can build it
into a scheme for subsidy. So, it becomes a sandbox under PMFBY to get new schemes by knowing the
market demand. It will not be limited to crop insurance, but other insurance requirements and
enrolments as well," the official added.
“It will be a sandbox within the existing Fasal Bima Yojana, and allow non-subsidized schemes to come in,
as well as judge the demand. It will also allow 40 million farmers in the country to approach the
government and tell it the products they wish to have insurance coverage for," the second official said. “It
is at a very early stage and is being drafted. Therefore, it will be difficult to comment on exactly how
much capex will be required. However, as per the initial discussion, it could be ₹ 30,000 crore," the
second official said. Queries to the agriculture and farmer’s welfare ministry remained unanswered till
press time.
(The writer is Puja Das.)
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INSURANCE CASES
No helmet, licence: Madras HC reduces compensation for accident victim's kin by 20 per cent
– The Indian Express – 26th October 2023
The Madurai Bench of Madras High Court recently reduced the compensation awarded to a road accident
victim's family by 20% citing contributory negligence as the victim was not wearing a helmet and did not
possess a valid driving license during the accident, which took place in 2016. A Bench of justices RMT
Teekaa Raman and PB Balaji passed the order on an appeal filed by the insurance company, with which
the car that hit the victim's two-wheeler was insured. ccording to the order, the deceased, aged 32, was
working in Singapore and was visiting his family in India. On June 12, 2016, while he was riding a two-
wheeler from Tiruchy to Rameswaram on National Highways, a car that came on the wrong side of the
road, hit his two-wheeler, causing him head injuries, which resulted in his death.
Hearing a petition filed by his wife and parents seeking compensation, a Motor Accident Claims Tribunal
in Sivagangai directed the insurance company to pay Rs 78.88 lakh as compensation. Challenging this, the
insurance company filed the appeal in 2021. The company claimed that the compensation amount was
excessive. It also alleged that the deceased was not wearing a helmet or possessed a valid driving license
at the time of the accident. The deceased's family had also filed a cross objection seeking enhancement of
compensation.

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Hearing both sides, the judges recalculated the compensation amount and enhanced it to Rs 91.23 lakh.
However, considering the allegations that the deceased did not wear a helmet or have a driving license
during the accident, they reduced the compensation amount by 20% and directed the company to pay the
amount within six weeks.
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The insurance company will pay the car theft claim amount of Rs 4.90 lakh along with
interest iv News – Irshiv – 25th October 2023
The Regional Consumer Commission, Jaipur-II considered the service defect of the insurance company
for not paying the insurance claim to the owner of the vehicle despite the car being stolen during the
insurance period. Along with this, the Commission ordered United India Insurance to pay the vehicle
claim amount of Rs 4.90 lakh to the complainant along with nine percent interest from the date of
complaint. At the same time, the Commission held the insurance company responsible for the physical
and mental problems caused to the complainant and said that it should pay a separate compensation of
sixty thousand rupees to the complainant. The Commission passed this order on the complaint of
Hanuman Sahay Sharma. Committee Chairman Gyarsi Lal Meena and member Hemlata Aggarwal said
that the insurance company has committed serious service lapses, non-compensation to the insured
vehicle and this falls under the category of unfair trade practice. Therefore, it is appropriate to award
separate compensation to the insurance company.
In the complaint it was said that the complainant had insured his car with the opposing company. The
duration of which was from April 14, 2015 to April 13, 2016. During this time, on August 13, 2015, he lost
his car key from the service center and arrived home with the other key. A few days after this incident, he
came to an acquaintance’s wedding at Gaon Mahal, Jaipur on May 24, 2015. Here his car was stolen. The
complainant immediately filed a car theft report at the Pratap Nagar police station and also informed the
insurance company. When he applied for compensation to the insurance company, the insurance
company said to pay only half of the claim amount based on the loss of one key. The complainant
challenged this with the District Consumer Commission. On hearing the matter, the Commission directed
to pay the sum assured along with interest as well as compensation of rupees sixty thousand.
(The writer is Muhammad.)
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Accident victim awarded Rs 2.22-crore relief – The Tribune – 23rd October 2023
Motor Accident Claims Tribunal Chandigarh (MACT) has directed an insurance company, the driver and
owner of a truck to pay Rs 2.22 crore as compensation to 27-year-old Sukhchain Singh, a resident of Sidh
Sar Colony, Alohram Gate, Nabha, Patiala, who was injured in an accident four years ago.
Sukhchain, in the claim petition, filed through advocate Navdeep Arora, under Section 166 of the Motor
Vehicles Act, said on April 9, 2019, he was going to his uncle Pargat Singh’s house in Rohti Khaas village
on his bicycle. He was riding at a very slow speed and was on the left side of the road. He was followed by
his uncle on a separate bicycle. Around 6 am, when he reached the Rohti Bridge roundabout and stopped
his bicycle on the left side of the road to turn towards the Patiala side, a speeding truck hit his bicycle
from behind. He fell on the road and his left leg was crushed under the left front wheel of the vehicle. He
was taken to Singla Hospital, Patiala, from where he was shifted to Fortis Hospital, Mohali. He spent a
huge amount on his treatment.
He did his Aeronautical Engineering from Panjab Engineering College, Chandigarh. Thereafter, he worked
for three years and did his MBA (PGP Programme) from ISB, Hyderabad, where he got an offer from Uber,
Gurugram. He joined Uber on May 6, 2019. He has been on an indefinite leave to date due to the accident.
He was earning Rs 27 lakh per annum at the company. The truck driver and the owner denied the
allegations. The insurance company said the truck driver did not have valid documents.
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Pay widow Rs 9cr, consumer panel tells insurance co that rejected Rs 5cr claim – The Times
of India – 22nd October 2023
Observing that the repudiation letter was illegal and liable to be set aside, National Consumer Disputes
Redressal Commission directed an insurance company to pay Rs 5 crore, along with an interest of around
Rs 4 crore, to a Kandivli woman after it rejected her deceased husband’s life insurance claim on grounds
of wrong date of birth and failing to furnish information related to medical history and past rejection of
claims.
The woman, Dipti Parekh, had filed the claim after the death of her husband Yogesh Parekh after
suffering chest pain in 2014. The commission held that the incorrect date of birth year of 1960, instead of
1961, ensured that the insurance company, Birla Sun Life Insurance Co Ltd, charged a higher premium
and no prejudice was caused to it.
“As such, material facts for underwriting the risk to be covered by the insurer were related to health
queries, which were not answered incorrectly... Information relating to insurance history… which cannot
be said to be material for underwriting the risk to be covered by the insurer….we find that repudiation
letter dated February 20, 2015, is illegal and liable to be set aside,” the commission said.
Awarding interest at the rate of 9% from 2014, the com mission said, “…at the most from the date of
communication of loss, the settlement has to be done within six months. If it is not done within six
months, the claimant is entitled for interest after six months..” Dipti had moved the commission in 2015.
She said that Yogesh applied for ‘Birla Sun Life Insurance Protector Plus Plan’ policy for a sum assured of
Rs 5 crore and term of 20 years and deposited basic premium of 3.76 lakh on September 25, 2012.
After examination of the medical examination reports and other papers, the competent authority issued
the policy. She further said that her husband went to Rajkot on April 25, 2014 on a business trip along
with his son and later that night developed sudden chest pain. He was subsequently admitted to a
hospital where he died on April 26, 2014.
Dipti submitted that she lodged the claim on June 13, 2014. The claim was rejected on the grounds that in
proposal form, Yogesh had replied in respect of the queries relating to his health and previous insurance
policies, in negative, which were incorrect. It was also alleged that the date of birth that had been
mentioned in the proposal form was not tallying with that on his birth certificate and PAN card. Due to
concealment of material facts, the policy was void.
(The writer is Rebecca Samervel.)
TOP
PENSION
IT, consulting firms lead NPS adoption in private space: PFRDA data – Business Standard –
26th October 2023
Information technology (IT) and IT-enabled consulting firms lead the adoption of the National Pension
System (NPS) in the private sector under the corporate model of the scheme, according to the latest data
available until September 2023 from the Pension Fund Regulatory and Development Authority (PFRDA),
as accessed by Business Standard. Data pertaining to the top 50 companies, which represents more than
half of the total 1.84 million NPS subscribers under the corporate model, reveals that among the private
sector, IT and consulting firms have the highest share of subscribers (13.2 percent), followed by private
banks (6 percent) and financial services firms (4 percent). IT and consulting firms account for 131,354
subscribers, followed by the private banking sector with 59,521 subscribers and financial services with
38,914 subscribers. In total, 14,281 corporates are registered under the corporate model, which
includes private limited companies, public sector banks (PSBs), regional rural banks (RRBs), and central
public sector enterprises (CPSEs).

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Among these, 12 are PSBs with 560,000 subscribers, 69 are CPSEs with 179,000 subscribers, 43 are RRBs
with 75,000 subscribers, and the rest are private firms. The top private sector companies subscribed to
the NPS among the top 50 corporates include Bosch Global Software Technologies, with the highest
number of subscribers (around 30,000) to date, followed by Accenture Solutions, Tata Consultancy
Services, Cognizant Technologies, Infosys, Manipal Academy of Higher Education, IBM India, and Wipro,
according to data. An official said, “PFRDA regularly engages with private firms to increase the
penetration of NPS, particularly in IT and consultancy firms, as these are human resource-centred
organisations, and NPS is the best option for their post-retirement future. We hold regular meetings to
persuade them to join the scheme.” Meanwhile, among CPSEs, Steel Authority of India has the highest
number of subscribers, followed by Indian Oil Corporation, Food Corporation of India, and Oil and
Natural Gas Corporation. Among PSBs, State Bank of India has the highest number of subscribers,
followed by Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India.
The official added, “PFRDA has sent letters to the top 50 corporates in terms of subscriber base regarding
the adoption of NPS and is actively pursuing them to increase NPS penetration. Meanwhile, we are in
communication with the managing directors and chairpersons of the remaining 136 CPSEs who are yet to
adopt NPS for their employees.” Managed by the PFRDA, the NPS is designed on a defined contribution
basis and comprises three components: central government, state government, and corporate. Under this
system, both the subscriber and the employer contribute an equal amount to a person’s account. While it
was made mandatory for all new central government employees from January 1, 2004, excluding the
armed forces, the corporate component came into force in 2011 and is optional in nature.
(The writer is Shiva Rajora.)
TOP
EPFO's investible corpus crosses Rs 21 trn in FY23, ETF investments at 9.2% - Business
Standard – 25th October 2023
The total amount in the investment corpus of the Employees’
Provident Fund Organisation (EPFO) grew by 16.7 percent in
2022-23 (FY23) to Rs 21.3 trillion from Rs 18.3 trillion in 2021-
22 (FY22), according to the draft annual report of the
retirement fund body accessed by Business Standard. The total
investible corpus under this social security organisation has
nearly doubled in the past five years. In 2018-19, the total
corpus was at Rs 11.1 trillion. Of the total Rs 21.3 trillion, the
Employee Provident Fund constitutes Rs 13.04 trillion, followed
by the Employee Pension Fund (Rs 7.7 trillion) and Employees’
Deposit-Linked Insurance Scheme (Rs 41,062 crore). EPFO
invested most of its corpus during the financial year in state
development loans (38.6 percent), which are used by state
governments to fund their fiscal deficits. This was followed by
investments in central government securities (17.7 percent),
corporate bonds of public sector enterprises (15.5 percent), and
public accounts with the central government (10.1 percent),
according to data from the report.
The increase in the investible corpus of this social security
organisation is due to an increased subscriber base over the
past few years, which implies more income for the body and better returns. These returns can then be
used to provide higher interest rates to its nearly 70 million subscribers. However, an employee
representative on the Central Board of Trustees of the EPFO mentioned that despite the increase in the
total amount, there has been a slowdown in the pace of corpus growth in FY23. This may hinder the
possibility of any rise in interest rates next year, potentially leading to stunted after-retirement savings

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for the subscribers. “Due to the deterioration in employment quality and suppressed wages of a large
workforce, people are left with subsistence or very low incomes. Officials have informed us of the
contributions being very low. Hence, even though the number of subscribers is increasing, their
contributions are minimal, which, in turn, affects the growth of the total corpus,” the representative
added.
In FY22, the total amount under the corpus had grown by 26.6 percent to Rs 18.3 trillion. Additionally,
the share of total investments (Rs 1.96 trillion) in exchange-traded funds (ETFs) also increased to 9.2
percent from 8.7 percent (Rs 1.6 trillion) in the previous year, thus closing the gap with the 15 percent
ceiling put in place. EPFO had started investing 5 percent of its corpus in ETFs based on the S&P BSE
Sensex and National Stock Exchange Nifty50 in August 2015 to earn higher income on its investments
and had subsequently raised the limit to 15 percent.
(The writer is Shiva Rajora.)
TOP
NPS adoption by govt sector at 5 month high in August, shows NSO data – Business Standard
– 25th October2023
Adoption of the National Pension System (NPS) by
employees of central and state governments increased to
a five-month high in August, signalling accelerated fresh
formal hirings in the public sector.
The latest NPS data released by the National Statistical
Office (NSO) on Wednesday showed that the number of
new monthly subscribers under the central and state
government components of the NPS collectively increased
by 22 per cent to 57,399 in August. It was 47,039 in July.
Earlier, 85,586 new subscribers had joined the NPS in
March. The Centre has mandated the NPS for all its new employees. So, analysts believe the monthly
subscription figures are a proxy for new employment generation by the central government. However,
since a few Opposition-ruled states like Rajasthan, Chhattisgarh, Himachal Pradesh, Jharkhand, and
Punjab, had announced a return to the Old Pension Scheme (OPS), thereby abandoning NPS, it cannot be
used as an exact metric to gauge hirings at the state level.
Under the central component, 17,092 new subscribers joined the NPS in August compared to 14,511 in
July. Meanwhile, 40,307 new subscribers joined the NPS in August under the state component, up from
32,528 in July. The share of young subscribers belonging to the 18-28 age group, who reflect the
robustness of the job market, however, came down to 43.3 per cent in August (24,835) from 44.4 per
cent (20,892) in July.
Mukesh Anand, assistant professor at the National Institute of Public Finance and Policy (NIPFP), said
perhaps the increase in new subscribers in August may not entirely be due to fresh hirings. It could be
due to an increase in Tier-II or voluntary accounts under the NPS as employees tend to take the benefit of
tax rebates and other incentives under it. The spike seen in new subscribers in August comes in the wake
of the decline seen in formal employment in the same month as new monthly subscriptions under the
Employee Provident Fund (EPF) fell to a five-month low of 925,984 in August from 1.06 million in July.
Meanwhile, the number of new subscribers under the corporate component almost halved to 13,829 in
August from 29,333 in July. This comprises either voluntary subscribers or mainly employees of central
and state public sector undertakings along with those in the private sector.
Managed by the Pension Fund Regulatory and Development Authority (PFRDA), the NPS is designed on a
defined contribution basis. Here, both the subscriber and the employer contribute an equal amount to a

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person’s account. It was made mandatory for all new central government employees from January 1,
2004, except the armed forces. Thus, the NPS data can be used as a proxy to gauge the number of new
jobs created under the central government.
(The writer is Shiva Rajora.)
TOP
New EPF subscriber numbers yet to hit pre-pandemic level, government data shows – Live
Mint – 25th October 2023
The number of new Employee Provident Fund (EPF) subscribers, an indicator of new formal jobs, rose
consistently until FY19 before falling sharply during the pandemic years of FY20 and FY21 and
recovering in the following years, according to payroll data for September 2017 to August 2023 released
by the National Statistical Office (NSO) on Wednesday. However, there were fewer new EPF subscribers
in FY23 than in FY19. EPF subscribers stood at 11.50 million during FY23, up from 10.87 million in FY22,
8.55 million in FY21, and 11.04 million in FY20, but down from 13.94 million in FY19.
"The subscriber numbers are from various sources, and there are elements of overlap. Therefore, the
estimates from various sources are not additive," the Ministry of Statistics & Programme Implementation
said in a statement. "The present report gives different perspectives on the levels of employment in the
formal sector and does not measure employment at a holistic level," it added. Net addition of formal jobs
slowed down during FY20 and FY21 due to covid lockdowns. The pandemic also caused a decline in
household income and employment opportunities.
As many as 42% of graduates under the age of 25 remained unemployed after the pandemic, while the
pace of job creation decreased following the global economic slowdown, according to a labour-market
report released by Azim Premji University in September. The report, ‘State of Working India 2023: Social
Identities and Labour Market Outcomes’, cited data from the Periodic Labour Force Survey (2021-22)
carried out by the NSO.
In August the union government unveiled programmes worth ₹1.18 trillion to create more jobs in sectors
spanning mobility to digital. However the manufacturing sector, a key job-creator, has failed to grow
while informal services have become significant job creators, posing a serious challenge to policymakers.
(The writer is Rhik Kundu.)
TOP
Higher pension issue likely on EPFO central board of trustees meet agenda – Business
Standard – 24th October 2023
The issue of higher pension is expected to be a key agenda
item for the biannual meeting of the Employees’ Provident
Fund Organisation’s (EPFO’s) central board of trustees
(CBT). The retirement fund body has asked all board
members to be present at the 234th CBT meeting,
scheduled for next Tuesday.
The issue follows the Supreme Court’s November 2022
decision upholding a 2014 amendment to the Employee
Pension Scheme (EPS) that allowed EPFO members to opt
for a higher pension by contributing up to 8.33 per cent of
their actual salaries towards pension — instead of 8.33 per
cent of pensionable salary capped at Rs 15,000 a month. The court had given four months’ time for
members to opt for this. After multiple extensions, nearly 1.8 million EPFO members have so far opted
for a higher pension.

22
While the full agenda is not yet known, reinvestment of redemption proceeds from EPFO’s investments in
exchange-traded funds (ETFs) is another issue likely to be taken up at the CBT meeting, according to
sources familiar with the matter.
“The Supreme Court order on higher pensions has seen many delays and extensions and the matter is
still underway. The thrust at the upcoming meet will be to draw out a strategy and a clear pathway for a
smooth implementation of the same, as a number of pensioners are still facing troubles in accessing the
pension portal,” said Confederation of Indian Industry (CII) Executive Director Sougata Roy Choudhury,
who represents industry on the EPFO central board. An employee representative who did not wish to be
named said: “The exact mathematics of the scheme is still not clear, nor is the formula for calculation of a
higher pension. Moreover, there is no clarity on how this scheme will be funded. [We] will demand that
the government come up with [better] solutions and expedite the process.”
On the issue of reinvestment of redemption proceeds from ETF investments, the member said: “In its last
meeting, the board approved reinvestment of redemption proceeds from EPFO’s ETF investments. While
the issue is pending with the finance ministry, [we] might like to take stock of the development.”
Besides some administrative work like presenting the annual report, discussions could also feature the
prospective plan to enhance EPFO’s physical and digital infrastructure, such as opening of new regional
offices and strengthening of the digital apparatus. The existing infrastructure faces capacity constraints,
said Centre of Indian Trade Unions (Citu) President A K Padmanabhan, another employee representative
on the board. In its last meeting, held on March 26 and 27, the CBT had fixed the interest rate for 2022-23
at 8.15 per cent, the second-lowest in over four decades.
(The writer is Shiva Rajora.)
TOP
IRDAI CIRCULAR
Topic Reference
Amendment of Arbitration Clause in General https://irdai.gov.in/web/guest/document-
Insurance policies detail?documentId=4043500
Committee for Plain language for policy wordings https://irdai.gov.in/web/guest/document-
detail?documentId=4039563
TOP
GLOBAL NEWS
Bangladesh: Regulator issues corporate governance guidelines for insurers – Asia
Insurance Review
The Insurance Development and Regulatory Authority (IDRA) has issued corporate governance
guidelines to ensure transparency and accountability in the insurance sector.
Insurers are required to form at least five committees each under the guidelines to ensure good
governance in the industry to safeguard the interests of clients and to mobilise, reported The Financial
Express.
The committees are the:
 audit committee,
 nomination and remuneration committee (NRC),
 investment committee,
 risk management committee,
 policyholder protection and compliance committee.
Insurers will prepare the annual corporate governance report and submit it by 31 December each year to
the Authority.

23
The guidelines also stress the proper appointment of senior management personnel, the actuary, and
auditors. "The audit report, actuarial valuation report and contact numbers of board members and key
personnel of the insurers should be given on the respective websites," the guidelines read. Mr Nasir
Uddin Ahmed, first vice president of the Bangladesh Insurance Association, told The Financial Express
that the guidelines are a requirement for reform under the World Bank-funded Bangladesh Insurance
Development Programme.
TOP
Australia: Shift from medical model of disability to social and rights-based models – Asia
Insurance Review
There is currently an existing movement from a medical model of disability to social and rights-based
models, according to a report released yesterday by the Actuaries Institute. Supporting the movement,
actuaries Dr Hugh Miller and Dr Laura Dixie – both at the consulting firm Taylor Fry – say in the paper,
“While a medical model defines people based on their impairment, the social model focuses on how
people with disability interact with broader society and the barriers that inhibit participation in areas
such as community, employment, and education.
“A rights-based model considers the rights of people with disability and allows them to design services to
meet their needs. The paper also calls for improved data collection and the use of linked data to better
understand disability within Australia to inform potential solutions.”
The actuaries made these comments in a paper, titled “Not A Level Playing Field – People with Disability”,
which highlights how Australians aged between 15 and 64 with moderate to severe disability experience
higher rates of income and wealth inequality, and the impacts on their health, education, access to
housing and social factors such as chances of being a victim of crime.
Dr Miller and Dr Dixie found that the average income for people with disability is about A$24,000
($15,220) less disposable income than for people without disability. The gap is even wider for people
with severe disability – their disposable income is about half that of people with no disability. This
inequality of income is compounded by the fact that on average people with disability need an estimated
50% additional income to achieve the same standard of living as people without disability.
While some differences relate to fewer hours worked, people with disability face substantial barriers to
employment and higher rates of both unemployment and underemployment. As a result, 41% fall into
the bottom 20% of income earners – which is double the rate of the population. Only 9% are in the top
bracket of income earners – which is half the rate of the population.
The total cost of poorer employment outcomes for people with disability is estimated to be A$21.5bn.
Dr Miller and Dr Dixie found these economic equality gaps correspond with a range of poorer social
outcomes. Most notably, compared to people without disability, people with disability are:
3x more likely to be unemployed or underemployed
2x more likely to be living in poverty
6x more likely to be a recent victim of violent crime and incarcerated
2x more likely to be suffering psychological distress
3x more likely to die by suicide.
There are also significant gaps in home ownership, Year 12 completion rates, and ability to access
buildings and facilities. Rates of homelessness, representation in child protection, and reliance on public
housing and welfare payments are also higher for people with disability.
TOP

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Taiwan: Majority of non-life insurers see operating profits in 2Q 2023 - Asia Insurance
Review
Some non-life insurers in Taiwan continued to see unfavourable claims development and reported net
losses in the first quarter of 2023, but the majority had returned to operating profitability as of second-
quarter 2023, notes AM Best. The Best’s Market Segment Report, “Market Segment Outlook: Taiwan Non-
Life Insurance”, adds that insurers also have adopted more conservative investment strategies and de-
risked their portfolios. The local stock market has recovered through the first nine months of 2023;
however, non-life insurers continue to grapple with the low interest rate environment and volatility in
operating results through capital gains and losses.
Taiwan’s non-life segment suffered a huge net loss of NT$173bn ($5.4bn) in 2022 due to the COVID-19
pandemic, which outstripped the cumulative earnings of the last decade. Insurers needed to sell off
investments to pay pandemic-related claims, and saw total investments shrink nearly 20% in 2022. AM
Best is maintaining a negative outlook on Taiwan’s non-life insurance segment, citing increased
reinsurance costs and a decline in the investment asset base, as some assets were liquidated to pay
pandemic-related claims.
Capitalisation
“Weaker capitalisation will become the new normal following the Taiwanese non-life segment’s huge
pandemic insurance losses,” said Madison Fan, a financial analyst at AM Best. “The industry’s average
capitalisation has rebounded strongly thus far in 2023 but remains materially below pre-pandemic
levels.”
AM Best expects full-year 2023 operating performance to be bolstered by the recovery in the capital
markets and reserve releases, given that COVID policies have all matured, and ultimate claims should be
close to fully developed. One counterbalancing factor to the favourable operating performance is
heightened reinsurance costs due to the current hardening cycle in the global reinsurance market. “The
January 2023 renewal season was described as one of the toughest in the past decade, and the market
expects that reinsurance rates will again increase in the 2024 renewals,” said Ms Stephanie Mi, a financial
analyst at AM Best.
TOP
COI TRAINING PROGRAMS
Mumbai – Training Programs – November - December 2023
Sr. Program Program Registration
Program Name Details
No. Start Date End Date Link
Underwriting and Valuation Surplus in Life
1 06-Nov-23 07-Nov-23 ClickHere Register
insurance Companies

2 Challenges in Miscellaneous Insurances 06-Nov-23 07-Nov-23 ClickHere Register

Challenges in Fighting Fraud - Motor OD

3 07-Nov-23 08-Nov-23 ClickHere Register
Insurance
Compliance Governance and Risk Management
4 20-Dec-23 22-Dec-23 ClickHere
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5 Engineering Insurance: Focus Project Policies 22-Nov-23 23-Nov-23 ClickHere Register

Certified Insurance Anti-Fraud Professional

6 22-Nov-23 24-Nov-23 ClickHere
(CIAFP)

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7 Crop Insurance: Focus- PM Fasal Bima Yojana 28-Nov-23 29-Nov-23 ClickHere Register

8 Resource Building for Growth and Sustainability 01-Dec-23 02-Dec-23 ClickHere Register

9 Basics of Aviation Insurance 01-Dec-23 02-Dec-23 ClickHere Register

10 International Reinsurance Program 04-Dec-23 09-Dec-23 ClickHere Common

11 Retail Marketing for General Insurers 07-Dec-23 08-Dec-23 ClickHere Register

12 Financial Reporting and Analysis (Life) 07-Dec-23 07-Dec-23 ClickHere Register

Workshop on Communication & Presentation

13 11-Dec-23 12-Dec-23 ClickHere Register
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14 Challenges in Travel Policy and PA Claims 12-Dec-23 12-Dec-23 ClickHere Register

Compliance Management for Principal Officers of

15 14-Dec-23 14-Dec-23 ClickHere Register
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16 Liability Insurance: Focus Cyber & Crime 18-Dec-23 19-Dec-23 ClickHere Register

Life Insurance Claims Management, Legal and

17 18-Dec-23 19-Dec-23 ClickHere Register
Regulatory Issues

Kolkata – Training Programs – November - December 2023

Sr. Program Program Registration
Program Name Details
No. Start Date End Date Link
Managing Marine Hull, Oil and Energy Insurance-
3 20-Nov-23 21-Nov-23 ClickHere Register
Underwriting & Claims - CT
Managing Marine Hull, Oil and Energy Insurance-
4 20-Nov-23 21-Nov-23 ClickHere Register
Underwriting & Claims - CVT
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5 22-Nov-23 24-Nov-23 ClickHere Register
Underwriting and Claims - CT
Managing Project & Engineering Insurance -
6 22-Nov-23 24-Nov-23 ClickHere Register
Underwriting and Claims - CVT
Package Policies for Business Insurance: For
7 28-Nov-23 29-Nov-23 ClickHere Register
SMEs, Traders, Jewellers and Bankers- CT
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8 28-Nov-23 29-Nov-23 ClickHere Register
SMEs, Traders, Jewellers and Bankers- CVT
Financial and Investment Management in Life
9 23-Nov-23 23-Nov-23 ClickHere Register
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Enterprise Risk Management (ERM) and Key
10 19-Dec-23 20-Dec-23 ClickHere Register
Roles of the Risk Owners and CRO- CT

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 Enterprise Risk Management (ERM) and Key
11 19-Dec-23 20-Dec-23 ClickHere Register
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12 New Vistas in Life Insurance Underwriting 20-Dec-23 20-Dec-23 ClickHere Register

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