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“APAC Cyber markets to become more buyer-friendly as new capacity becomes available and rates continue to stablise”
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A reasonable growth. at least in line with the industry and simultaneously reducing the incurred claim ratio will be the strategy going forward. Claims ratio will be brought down using better risk selection.
“We do write a lot of agriculture business and it contributes to about 40% of our business in India”
At Swiss Re, we believe that there are many ways we can operate to help address or close the protection gap in India. For instance, infrastructure is a pillar that we will be focusing on, as there are many opportunities in engineering and construction that require capacity in India.
“We are more focused on improving the pricing and the other terms and conditions” Alice Vaidyan, CMD, GIC Re
“When I began my term as the CMD of GIC Re, I had two goals for us- to be a Top 10 Global Reinsurer and to deliver consistent underwriting profit. And I am proud to say that GIC Re has been ranked as the 10th largest Reinsurer in the latest S&P rankings. I realize that it is not enough to be a `Top 10 Reinsurer’ only on the metric of size but to deliver value to our clients, shareholders and business partners.’’
Insurtech has already arrived in India and is disrupting the traditional value chain of the insurance industry. The industry is fundamentally changing because of the impact of technology such as Artificial Intelligence, Internet of Things, blockchain, big data, and Robotic Process Automation. The insurtech universe can be segmented into four broad categories – Product & Distribution, Business Process Enhancement, Data & Analytics, and Claims Management.
The AUM of the industry has gone up by Rs.3.3 lakh crore during FY 2017-18.
The total asset of the industry is currently around Rs 34 lakh crore (Provisional) and the AUM is around Rs.32 lakh crore (Provisional).
“I can’t say anything about the time-frame for the merger process to complete. I can only say that a process has started with appointment of a consultant. Definitely the largest general insurer will emerge in terms of market share.Once it happens, the merged entity will be the largest entity with 31 per cent market share when compared to the 16 per cent market share as being enjoyed by New India Assurance”
“We have been in profits in the last 2 years. We generated a profit of Rs 6.3 crore in 2017 and Rs 4.9 crore in 2018. During the six month period September 30, 2018, we generated a profit of Rs 11.2 crore as compared to Rs 2.6 crore during the same period last year”
“Title Insurance and design defect policies to Real Estate Companies, Cyber security covers to certain Institutions, Drone Insurance, etc. Similarly for Retail customers too, we are designing customized package policies with the help of various insurance companies. We have initiated a new vertical for ‘Strategic Alliances’ and are initiating partnerships with various organizations having a large customer base”
LIC International enjoys niche market position with NRIs and strong brand connect due to its parent LIC of India. Because of this unique position, attractive product propositions it enjoys market leadership position in Bahrain and emerging as a major life insurance player in individual assurance in UAE.
Employee Benefit insurance market in India for India placed programs will be around Rs 20,000 cr.Group Health will be the largest segment in EB followed by Group Personal Accident and Group Term Life.Increasing number of corporates are buying employee benefits programme to keep up their benefits offerings with their peers and emerging needs of the workforce