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THE INSURANCE TIMES Magazine - December 2024

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In this issue

In this issue we have covered articles on - ERM Implementation Challenges in the Indian Insurance Sector - Sonjai Kumar & Dr Purnima Rao; Vision Zero and the Role of Insurance in Achieving Road Safety - Dr. Dileep Kumar S. D.; My View on #20SIRC Conference - Rajendra Maharjan; How to choose a Health Insurance Plan that fits your evolving needs - Priya Deshmukh. Interview with Indranil Dutta, Chief Business Officer, Bancassurance, Bandhan Life Insurance. We have covered news on General Insurance, IRDAI News, LIC News, Health Insurance News, Private Life Insurance News, International News & Other various News. Besides it covers other interesting features.

General Insurance News

Tier 2 and 3 Cities Propel Growth in Motor Insurance - The rise in private consumption in India has positioned tier 2 and 3 cities as key drivers of growth in the motor insurance segment. Increasing vehicle ownership and heightened awareness of insurance have fueled this expansion, according to a report by InsurTech platform Turtlemint. These cities accounted for over 90% of motor insurance policies sold and the premium volume during the festive season this year.

4 mins

Insurance Regulator Update

IRDAI Calls for More Players in the Insurance Sector - IRDAI Chairman Debasish Panda has called for more conglomerates to enter the insurance space, emphasizing the immense opportunities offered by India's vast population of 1.4 billion. Panda urged private equity funds, institutional investors, venture capitalists, and family offices to explore the insurance market, highlighting that the current 70 insurers in the country are insufficient to meet growing demands.

4 mins

Health Insurance News

Star Health Launches 'Star Arogya Digi Seva' to Enhance Rural Healthcare - In a bid to revolutionize rural healthcare, Star Health Insurance unveiled its latest Corporate Social Responsibility (CSR) initiative, 'Star Arogya Digi Seva,' in collaboration with the Center for Chronic Disease and Control (CCDC). The initiative aims to provide essential healthcare services to underserved rural areas by leveraging telemedicine technology and Mobile Health Units (MHUS).

4 mins

Life Insurance News

HDFC Life Insurance Reports Data Breach - HDFC Life Insurance recently disclosed a data breach, adding to the growing list of Indian insurers facing cybersecurity threats. The breach, revealed in a regulatory filing, prompted the company to launch an extensive investigation with information security experts to safeguard customer interests.

4 mins

International News

Saudi Arabia's Insurance Market Poised for Transformation - Saudi Arabia's general insurance market is on a trajectory of rapid growth, with gross written premiums expected to rise from SAR 68.8 billion ($18.4 billion) in 2024 to SAR 105.3 billion ($28.1 billion) by 2029, reflecting a CAGR of 8.9%. This growth is driven by regulatory reforms, economic diversification, and increased consumer awareness of risk management.

4 mins

ERM Implementation Challenges in the Indian Insurance Sector

This article is a snapshot of ERM implementation challenges identified by discussing the current position within the insurance sector in India with Chief Risk Officers, Heads of Risk, and other personnel working in the Risk Team.

3 mins

Vision Zero and the Role of Insurance in Achieving Road Safety

Vision Zero is a road safety philosophy and strategy that originated in Sweden in the late 1990s. The fundamental principle behind Vision Zero is the belief that no. loss of life or serious injury on the roads is acceptable. It aims to create a transportation system where no traffic-related fatality or severe injury is regarded as inevitable or acceptable.

10+ mins

My View on #20SIRC Conference

The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.

2 mins

How to choose a Health Insurance Plan that fits your evolving needs

When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.

4 mins

International Conference on Inclusive Insurance (ICII) 2024

The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.

6 mins

IRDAI Corner

The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad

4 mins

"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."

About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.

6 mins

Read all Stories from THE INSURANCE TIMES

THE INSURANCE TIMES Magazine Description:

Publisher: Sashi-Publications-Private-Ltd

Category: Business

Language: English

Frequency: Monthly

The Insurance Times, which will be completing glorious 42nd year of successful and regular publication in 2022, is the most authentic information source on insurance in India.

The Insurance Industry under the new regulatory setup is moving forward aggressively.

Every month, the journal covers informative articles and features on both general insurance and life insurance. Besides regular columns for Insurance Regulators, Brokers, Bancassurance, legal, surveyor, agents, students etc; it brings you the latest and updated news of the Indian as well as overseas insurance industry.

Regular features on risk management and safety also keep you abreast of the latest risk management techniques.

We regularly review the policies issued by life and non-life companies including comparisons of various products.

A special emphasis is given on marketing of insurance both life and general. This journal is a must for all persons connected with insurance companies, corporate bodies, brokers, banks, surveyors, agents, consultants, students, educational institutions and professionals.