Page 56 - Insurance Times March 2017 Sample

Glossary
Poll Do you think hike in LIC agents' gratuity will
encourage them to do more business?

Yes Results of Poll in our February 2017 Issue

No Do you think commuters would opt for Travel
Insurance while availing Ola or Uber intracity
Can’t say travel?

Annuities - Immediate Non-variable You may send your views to :
An annuity contract that provides for the Poll Contest, The Insurance Times Yes 70
fixed payment of the annuity at the end 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 20
of the first interval of payment after Phone : 2269 6035, 2218 4184, 4007 8428 Can’t say 10
Email: insurance.kolkata@gmail.com
purchase. The interval may vary, how-
ever the annuity payouts must begin Global reinsurers all set to open up in India
within 13 months.
Global re-insurance giants, including Swiss Re, Hannover Re, Munich
Annuity Re and Lloyd's of London, are being given licences to set up shop in
A contract providing income for a speci- the country ahead of GIC, the sole re-insurance player in India, hitting
fied period of time, or duration of life for the market with a capital issue.
a person or persons.
Officials said many would be setting up base in Mumbai between Feb-
Appraisal ruary and April, turning the city into a financial hub in Asia along with
An estimate of value. Hong Kong and Singapore. Swiss Re will be headed by Kalpana Sampat,
managing director of its business solutions arm based in Bangalore.
Arbitration
A binding dispute resolution tactic The other two European giants - Munich Re and Hanover Re - have re-
whereby a conciliator with no interest ceived final approvals from the Insurance Regulatory and Development
in the outcome intercedes. Authority (IRDAI) and could announce their India operations soon.

Assessed Value The country's insurance market is expected to grow four-fold over the
Estimated value for real or personal next decade from $80 billion, of which the life insurance market alone
property established by a taxing entity. is slated to cross $160 billion.

GROSS DIRECT PREMIUM INCOME UNDERWRITTEN FOR AND UPTO THE

MONTH OF JANUARY 2017 (Rs in crores)
NON LIFE INSURERS
Growth of % of Growth
INSURERS JANUARY January 2017 CUMULATIVE Upto January 2017
over UPTO January over the period
January 2016 Upto January 2016
2016-17 2015-16 2016-17 2015-16
Private Sector 5234.93 3754.92 39.42% 43571.16 32382.08 34.55%
Public Sector 5109.57 4162.46 22.75% 48703.83 39138.08 24.44%

Stand-alone Health 661.01 485.11 36.26% 4276.29 3131.21 36.57%
Specialised 1118.00 438.39 155.02% 7103.13 4065.75 74.71%
Grand Total 12123.51 8840.88 37.13% 103654.41 78717.12 31.68%

56 The Insurance Times, March 2017

Copyright@ The Insurance Times. 09883398055 / 09883380339