Shriram Times

7/30/2019 Shriram Times

1/13

Shriram TimesA Monthly Newsletter from SGI


2/13

E

CEOs Message

Wishing You & Your

Family A Happy

Festive time

Dear Colleagues,

From auto sector to banks the festive seasonis extremely important for the insuranceindustry too and Dussehra to Diwali is anall India festival when consumers are readyto spend their savings.

It is the time to extend our greetings andthanks to our partners, dealers, agents,customers and clients for their support in our

business.

seasons

Greetings!


3/13

LEGAL >>

Stolen Vehicles Workshop

SGI personnel chosen to givepresentation to Haryana PoliceThe first workshop on stolenvehicles and requirement of timelyintimation of TP accident u/s158(6) was co-organized by the

Haryana Police Academy,Madhuban and General InsuranceCouncil

Mr. Viswas Srivastavaconferred apresentation on theimportance of timelyintimation of Third partydeath/Injury in road

accidents to theInsurance Company, tohelp the victims in time.He also made policeofficials aware aboutthe necessarycompliance of section158(6) of the MotorVehicle act, 1988.

Senior Haryana PoliceOfficials extended theirsupport andencouragement to allparticipants andrepresentatives from the

Insurance Regulator &Insurance Industry.

The Insurance InformatioBureau presented the SMFacility for Stolen VehicleRecovery InformationSystem to assist Police tenquire about the status o

vehicles reported as stole

The objective of the

workshop was to spread

awareness among the

Police Officials for proper

and effective

implementation of the

process of timely intimatio

to Insurance Companies

about the reported stolenvehicle and intimation of T

death or Injury to Insuran

Company.


4/13

FDI >>

FDI not enough for those who missed the first boat

Partners elude foreign Insurers onIndia huntLifting of the foreign directinvestment (FDI) cap ininsurance sector to 49 percent isunlikely to help new foreign

players who are keen to enterthe Indian market, as there is ashortage of credible domesticpartners

Reason: Most big

corporate houses, public

sector and private sector

banks and retail giantshave already entered the

insurance space, leaving

them with limited choice.

Several foreign playershave liaison/rep offices inIndia and have beensearching for partners for afew years now. Theseinclude Canada-basedManulife Financial (keen toforay into life insurance, but

cant locate a local partnerfor more than three years),US-based Travelers (keenon non-life insurance,searching for five years),Samsung Fire and MarineInsurance (interested innon-life insurance),Samsung Life Insurance(interested in lifeinsurance), and Discovery(keen on health insurance).Their efforts have proved

futile so far.

There are 24 lifeinsurance companies and27 non-life insurancecompanies, including four

pure health insurancecompanies.

More than four years ago,

Travelers had entered into

a preliminary Moue with

engineering giant Larsen

and Toubro (L&T) to set up

a general insurance

company. However, their

plans did not materialize. Itwas also in talks with

Mahindra and Mahindra

(M&M), but nothing has

moved with them either.

Retail major, Future Group

led by founder and group

CEO Kishore Biyani is also

scouting for partners to exit

from its life insurance joint

venture, Future Generali

Insurance.


5/13

SPORTS >>

Formula 1

Insurance coverJaypee Sports InternationalLimited (JPSL), the companythat hosts Formula 1 race inIndia, is seeking an insurancecover for Rs 750 crore to protectit against event cancellation andloss or injury to spectators.

Reliance GeneralInsurancewill underwrite theRs 500 crorecover for third-party eventualities, and theRs 250 crore cover formaritime transit and event

cancellation is yet to befinalized, said a personfamiliar with the matter.

Insurance cover for thisyear's event, to be held inNoida near New Delhi onOctober 26 and 28, is atleast 50 per cent higher thanlast year when

Formula 1 debuted inIndia. The insurancedoesn't cover individualteams, which are coveredby policies in their homecountry.

On the insurance front,one policy covers bothJPSL and Formula 1 inthe country.

Income from selling

tickets and food forms therevenue for JPSL, whichis expected to be $5

Under the Rs 500-crorethird-party liability,players and spectatorsare covered against anyinjury or loss.

Insurance broker ACEwas the arranger of thethird-party cover, forwhich the premiumpayment is said to bearound Rs 10 crore,said one of the personsin the know of the deal.

Another component ofthe insurance policy ismarine transit of theracing vehicles andequipment, which is tothe tune of Rs 50 crore

Reliance GeneralInsurance is looking forreinsurance support forthe third-party insurancein the internationalmarket.

GIC has reinsured 60per centof the terrorismliability


6/13

God Perils

Insurers, propertyowners tally Sandy'sdamage

Sandy will do $10 billion to $20 billion in economic damage Profits for U.S property and casualty insurers was $16.4 billion

the first half of 2012 Sandy could account for $5 billion to $10 billion in insured losses

Catastrophe risk modeling firmEqecat estimates that Sandywill do $10 billion to $20 billionin total economic damages and$5 billion to $10 billion ininsured losses. More than 1million homes have beenevacuated.

An army of claims adjusters isworking its way toward thehardest-hit areas, tackling theenormous task of evaluatingdamage, putting a price tag on it and deciding whether it'scovered by insurance.

Experts agree that the nation'sinsurers have enough money to payfor the staggering damage done byone of the biggest storms to hit the

East Coast. Just how much will becovered will depend on what kind ofinsurance property owners have,how well they have documentedtheir losses and the damageestimates that adjusters arrive at.


7/13

Non Life Insurers

Gross written premiumIn Crores

INSURER JULY AUGUST SEPTEMBER

2012-13 2012-13 2012-13

Royal Sundaram 132.39 114.89 109.86

Tata-AIG 191.11 145.69 164.66

Reliance General 164.67 157.91 158.81

IFFCO-Tokio 187.66 218.15 269.57ICICI-lombard 493.83 454.78 510

Bajaj Allianz 344.74 337.55 294.79

HDFC ERGO General 172.04 221.94 287.62

Cholamandalam 134.05 127.59 124.9

Future Generali 89.24 100.41 86.81

Universal Sompo 36.27 37.23 43.27

Shriram General 117 121 126.79

Bharti AXA General 97.45 83.75 87.24

Raheja QBE 2.61 2.79 2.25

SBI General 60.23 51.68 57.7

L&T General 10.56 10.87 10.17

Star Health & Allied Insurance 66.23 64.78 64.57

Apollo MUNICH 42.6 34.55 35.22

Max BUPA 13.46 13.51 14

Religare 7.36 1.75 1.33

New India 885.37 714.55 756.76

National 703.18 668.81 741.40

United India 875.09 723.9 740.84

Oriental 528.7 480.57 539.03

ECGC 97.3 89.98 102.84

AIC 122.7 801.18 722.45

PRIVATE TOTAL 2,363.93 2,300.58 2449.56

PUBLIC TOTAL 3,212.34 3,478.99 3603.32

GRAND TOTAL 5,576.28 5,779.57 6052.88


8/13

CELEBRATIONS >>

Raipur Branch Vadodara Branch

Laxmi Puja Ceremony Narayan Puja on Dussehra

Karim Nagar Branch Bhilwara Branch

Vinayak Puja Celebrating 75.84 Lacs Business


9/13

EMPLOYEES >>

Employees

Breathing and Food are vital for

existence.

Air is free to breathe.

But food is not.

Dont waste foodnext time thereis

Excess food, pack it up and donate

to the needy.

Crossword Contest : Early Bird Wins the Game


10/13

STAR PERFORMERS

Top 3

Top 3 On basis of Volume & Combined Claim Ratio (Zone wise)


11/13

STAR PERFORMERS

Top 3

Top 3 On basis of Volume & Combined Claim Ratio (Zone wise)

1st Panvel, Ajay Bhoir, BM

2nd Allahabad, Nishikant Tripathy, BM

3rd Hyderabad, Sunil Kumar B. ,AM

Naresh Sharma, Jaipur 1 Govind Sawant,Panvel Kamlesh Jain,Bhilwara

Farrukhabad,Rajiv Kr.Rajput Karol Bagh2,Deepak Yadav Lakhimpur,Gopal Dixit

Agra 2 Naveen Chandani Surat Kiran Deshbhattin Janakpuri2 Kapil S


12/13

STAR PERFORMERS

Top 3

Top 3 Claim Officers

Vishal Bhadoria Pankaj Sharma Vivek Kumar

Abhay Singh Rathode Renu Kundwani Amit Kr.Singh

Aashsih Sharma Anup Pansari Mohit Kumar Saxena


13/13

EDITION 53, OCTOBER 2012

Shriram Times

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