Page 10 - The Insurance Times June 2025

tions, burdening insurers. "Only 52% of could influence national debates on
vehicles are insured. Although the data PMFBY's efficacy. Attention Subscribers
exists, enforcement is lacking," Please renew your Subscription of The
Subramanian said in a media inter- General insurers launch Insurance Times Journal to receive
view.
Rs. 120-cr campaign to copy of the journal uninterruptedly.
To improve its position, New India As-
surance plans to focus on the private raise insurance awareness You can now pay by GPAY, Phonepe,
car and two-wheeler segments, which Taking a leaf out of the mutual fund Paytm, Amazon, ICICI Pay, BHIM UPI
have lower claims ratios but higher (MF) playbook — famous for the tagline
commissions compared to commercial "Mutual Fund Sahi Hai”, which success-
vehicles. It is also strengthening digi- fully encouraged the common public to
tal distribution through platforms like invest in MFs — the non-life insurance
PhonePe and the IRDAI-backed Bima industry has launched the campaign
Sugam marketplace. "Acha Kiya Insurance Liya" to boost
insurance penetration in the country,
Industry leaders are pushing for regu-
latory clarity and premium which remains abysmally low.
rationalisation to prevent further The industry has committed Rs. 120
stress in the motor insurance segment. crore for the first year and is expected
to allocate additional funds to ensure
Maharashtra Farmers Re- the campaign’s success. The campaign
highlights the importance of general
ceived Less Than Premi- insurance and how it preserves hard-

ums Paid Under PMFBY earned savings during emergencies,
accidents, and unforeseen circum-
Between 2016-17 and 2023-24, insur-
stances.
ance companies collected Rs. 52,969
crore in premiums under the Pradhan
Mantri Fasal Bima Yojana (PMFBY) in FSIB recommends Sanjay
Maharashtra, while compensation Joshi as Oriental Insurance
paid to farmers stood at Rs. 36,350
crore. Data presented at a recent Company Limited's CMD
state-level review meeting revealed The Financial Services Institutions Bu-
that over eight years, 12.8 crore farm- reau (FSIB) on Friday recommended
Sashi Publications Easy Payment
ers applied for crop insurance, but only Sanjay Joshi for the position of Chair-
6.2 crore received payouts. man-cum-Managing Director (CMD) at Modes :-
Despite recurring climate shocks such Oriental Insurance Company Limited i) UPI ID: SASHIBOOKS@KOTAK
as droughts, unseasonal rainfall, and (OICL). ii) GPAY: 9830171022@okbizaxis
floods, officials noted that several The post fell vacant after R R Singh iii) PAYTM: 9830171022@paytm
years of good monsoon and high yields retired at the end of February. Re- iv) NEFT: Current A/C
helped limit claim volumes. However, cently, the government had appointed 402120110000327 of 'SASHI
the significant gap between premiums Executive Director Amit Misra as act- PUBLICATIONS PRIVATE
and claims has reignited concerns ing CMD of the company for three LIMITED, Bank of India, VVK
around scheme effectiveness and months from 1 March 2025. Road Branch., Kolkata, India,
farmer trust in insurance. Joshi is currently serving as General IFSC Code : BKID0004021
Experts suggest the state revisit its risk Manager at United India Insurance v) Credit Card:
assessment models and strengthen Company. A 1989-batch direct recruit www.sashipublications.com
transparency in claim settlements. officer, he has served the general in- For any query please call
With Telangana rejoining the scheme surance sector for over 30 years, work- 9073791022/9883398055
and broader agricultural insurance re- ing as a branch and divisional head
forms underway, Maharashtra's case across various regional offices. T www.sashipublications.com

10 June 2025 The Insurance Times