Page 8 - Insurance Times May 2022

Travel insurance demand up as skies open Partner + 3 Children + 2 Parent/Parent-
in-Law) with an option of corporate
Travel insurance demand is seeing a surge after international commercial buffer, to be used by employees In case
flights resumed normal operations on March 27. A larger proportion of inter- of medical exigencies, it added.
national travellers are buying insurance now as compared to pre-pandemic
levels. Digit Insurance appoints
The boom in travel insurance bookings has enthused insurers, who are looking JasleenKohli as new MD
at strong growth, two years after Covid hit the overseas travel insurance ver-
tical due to lockdowns and international travel restrictions. The US, Canada, and CEO
the UK, the UAE and Schengen countries have emerged as the top destina- Digit Insurance has recently an-
tions for Indians travelling for leisure, corporate and education. nounced that it has elevated
Online insurance platform Policybazaar said there is a 25% increase in book- JasleenKohli as the new Managing Di-
ings in the week starting from March 27 as compared to the previous week. rector and Chief Executive Officer
This number is expected to grow in the coming months when air ticket prices (CEO) of the company with effect from
stabilise and holiday season kicks in. April 20. The 42-year-old, Kohli will
Bajaj Allianz General Insurance anticipates the travel insurance penetration become one of the youngest CEOs in
will go past 35%, in terms of insurance taken to the total number of travellers, the insurance industry, as per the com-
from around 18% in the pre-pandemic period. ICICI Lombard General Insur- pany release.
ance sees increased demand for travel insurance in leisure and business seg- As the new MD and CEO, JasleenKohli will
ments, with the leisure segment witnessing a boom due to revenge travel. take over from Vijay Kumar who held the
position since the company was founded
ment premiums have grown by 25.58 For the fiscal year ending March 31, in 2017. He will superannuate on April
per cent while motor segment premi- Air India has paid Rs. 258 crore for the 19, 2022, a company release said.
ums have grown by 3.28 per cent. Hav- cover taken from the public sector in- JasleenKohli looked into all sales and dis-
ing said that, general and health insur- surance companies, which in turn had tribution channels of Digit as Chief Dis-
ers have also paid thousands of crore in re-insured the airline with foreign in- tribution Officer (CDO).
Covid related health claims, which has surers. AIG of the United States is al- With 19 years worth of experience in
eaten into their profitability. ready providing reinsurance cover to the life and general insurance industry,
the airline. Apart from the ongoing
Tata subsidiary joins insur- war, the air crash in China on March Kohli last served as the director at
ance consortium for Air 21 had also contributed to rising insur- Allianz Technology before joining Digit
as the CDO in 2017.
India cover ance rates.

Within months of the Tata group tak- Air India announces new Tripura govt announces
ing over Air India, Tata Aig has joined health insurance for
a consortium to provide insurance medical insurance scheme
cover to the airline. With that, Tata for employees from 15 May scribes
AIG General Insurance Company will The Tripura government recently an-
for the first time be associated with Air In an attempt to provide better medi- nounced health insurance of Rs 3 lakh
India for its cover. cal facilities across a large network of a year for accredited journalists in the
hospitals across the country, Air India state.
The insurance cover, pegged at $12 announced a Group Medical Insurance
billion (approx Rs 91,000 crore) will scheme that will be activated from 15 The health insurance will be on 80:20
provide cover to 141 aircraft (117 of May, 2022. basis. Eighty per cent will be borne by
Air India and 24 of Air India Express) the government and the rest (20%) will
as well as passenger liability among "This medical insurance scheme will be be contributed by the beneficiary, state
other things from April 1. fully extendable to both permanent Information and Cultural Affairs Minis-
and fixed term contract employees ter Sushanta Chowdhury said.
The insurance premium is expected to go
up by 20 per cent for the airline due to and their dependents based in India," An accredited journalist aged between
theongoint war in Ukraine and the sub- the airline said in a statement. 21 and 65 is eligible for enlisting in the
sequent hardening of the insurance pre- The sum insured provided would be Rs scheme, which has been named
mium rates globally, said a public sector 7.5 lakh per annum per family (maxi- Tripura Journalists' Health Insurance
insurance offical asking no to be quoted. mum family size 7 - Employees Spouse/ Scheme 2022, he said. T

8 The Insurance Times, May 2022