Girija Kumar, chairman and managing director, Agriculture Insurance...
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“Munich Re is committed to support Indian insurance industry, to bring in new products and solutions to the market’’
Growing its business fast, Munich Re, the largest global...
“Today, we are in a position to service more than 60% of our policyholders entirely digitally”
Krishnan Ramachandran,MD and CEO, Niva Bupa Health Insurance Niva...
“The idea of sandbox regulation is good as it allows to introduce new products’’
“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 aspire to touch Rs 1000 cr premium mark by the end of the fiscal”
“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”
“We have been able to reach insurance solutions to customers in over 2,00,000 villages in India”
“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”
“We have initiated steps to obtain a Branch License in Qatar’’
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.
“JLT Independent has premium placements exceeding Rs 1000 cr in a span of three years’’
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
“Market conditions are very tough in the Indian general reinsurance business”
Gen Re, a member of the Berkshire Hathaway,run by its famous Warren Buffet, has kicked off its operations in India after receiving the final licence from Insurance Regulatory and Development Authority of India (IRDAI).
Three of its functionaries- Winfried Heinen, Chairman of the Executive Board of Directors of General Reinsurance AG, Rainer Schurmann, managing director, Property & Casualty, Treaty Asia,Venkatesh N Chakravarty, chief executive officer, India, outline the reinsurer’s strategies for Indian market
“China and India have seen growth in the demand for liability insurance”
Markel International is a subsidiary of $25.8 billion Markel Corporation, a US-based holding company and operates across the Asia Pacific region. The company has plans to venture into India
“For acquisition,we will look at opportunities which are good in pricing’’
“We have decided not to be so aggressive in the group fund management business segments,and hence we will be focusing more on individual rated business. The group fund management business segments are like term deposits for one year and where you need to pay interest every year”Sanjeev Nautiyal,MD & CEO, SBI Life
Edited Excrpts
“International reinsurers have taken a cautious stance & we have not seen an increase in competition in an already competitive Indian market”
French major SCOR has set up its reinsurance branch in India. Outlining the company’s Indian strategies, in an exclusive interview with Asia Insurance Post, he says, this is an exciting time for (re)insurers in Asia and in India in particular, with rapidly expanding markets and an extremely dynamic environment.We expect the P&C Indian insurance and reinsurance markets to continue growing at a pace of 15 pc per annum in the medium to long term. Edited Excerpts
“India is set to become the first and the only country to have a plan and strategies to reduce natural calamities losses’’
“The rapid and unplanned expansion tends to increase vulnerabilities in an event of natural calamity which together with low insurance penetration, leads to the large protection gap between economic and insured losses that could be as high as 80-90% or more. All these factors contribute to a situation where natural disasters seriously threaten India’s economy and growth, its population, environment and sustainable development”