Page 7 - Insurance Times July 2023

PSU insurers need Rs. timately, the coverage provided to
mooPay launches heat
insureds may be decided by the risk
17500 crore capital
index-based insurance appetite of the insurer, and to a cer-
The solvency positions of India's three tain extent, the coverage that
plan for dairy farmers
public sector undertaking (PSU) gen- reinsurers are willing to provide."
Dairy technology provider Stellapps'
eral insurance companies are precari-
Ransomware attacks soared last year,
fintech arm mooPay, in partnership
ous, having worsened in FY23.
with IBISA Network, HDFC ERGO pushing demand for coverage after the
This has resulted in private insurers pandemic-induced work-from-home
and Gramcover, has launched a
increasing their market share, accord- era also made remote workers more
unique Heat Indexbased insurance
ing to a report by ICRA. The capital vulnerable to digital attacks. Those
plan for farmers.
requirement of three PSU general in- attacks also spurred companies and
The cover provides financial com-
surers (excluding New India) is esti- individuals to adopt more robust
pensation to farmers of mooMark,
mated at a sizeable Rs 17,200-17,500 cybersecurity measures.
the dairy supply chain arm of
crore to meet the regulator-prescribed
Stellapps, to offset income loss due
solvency of 1.5X as of March 2024, GIC Re Q4 profit jumps
to a fall in milk productivity during
assuming 100% forbearance on fair
heat waves in summer. The cover 43% to Rs. 2,564 crore
value change account.
guarantees insurance benefits for
GIC Re posted a 43 per cent rise in net
farmers if, over 60 days starting profit to Rs 2,564 crore for the fourth
Cyber insurance premiums
from May 1, temperatures exceed
quarter ended March 2023.
the specified limits for a predeter- surge by 50% as ransom-
The re-insurer had earned a profit of
mined number of days, with
ware attacks rise Rs 1,795 crore in the same quarter a
regionspecific parameters, the com-
pany said in a statement. US cyber insurance premiums surged year earlier.
50% in 2022 as increased ransomware During the quarter, the company col-
The claim settlement process is
attacks and online commerce drove lected a gross premium of Rs 7,369.74
simple and hasslefree. The insurer
demand for coverage. against Rs 10,303.81 crore in the year-
takes the data of temperature
ago period, GIC Re said in a regulatory
trends for the insured period from Premiums collected from policies writ-
filing.
a preagreed public database and ten by insurers reached $7.2 billion in
compensates the claimant as per 2022 and tripled in the past three The net commission also declined to Rs
the prescribed benefits slab. Each years, ratings firm AM Best said in a 823.93 crore compared to Rs 2,003.48
insured cattle is eligible for a cover study released this week. crore in the corresponding quarter of
of a maximum of Rs. 2,000. Cur- the previous fiscal.
"Systematic risk is an ongoing con-
rently, the insurance cover extends
cern," Fred Eslami, an AM Best associ- For the entire 2022-23, GIC Re re-
to one cattle per household.
ate director, said in a statement. "Ul- corded a three-fold rise in net profit to
The Insurance Times July 2023 7