Page 10 - Insurance Times February 2024

Among the four state run general in- forcement and Emergency care to re- share that that electronic system
surance companies, only New India As- duce accidents atleast by 50 per cent which is almost setup now will soon
surance Company is publicly listed, by 2030," the Minister said. start a monthly dataanalysis , based on
while the other three are entirely In emergency care, the industry should which a senior project director or offi-
owned by the government. Despite the cial will visit the accident site and im-
focus on using its resources to ensure
government's intention to privatise that accident victims get healthcare mediately work on shortterm engi-
one general insurance company and neering defaults if any are found,"
attention in the golden hour and can
the parliamentary approval of amend- help facilitate organ donation in seri- MoRTH Secretary said.
ments to the General Insurance Busi- ous injuries to save lives, the minister
ness (Nationalisation) Act (GIBNA) to emphasised. ICICI Lombard profit up
facilitate it, there has been no
progress. MoRTH Secretary Anurag Jain said the 22% at Rs. 431 crore
government is working with the insur- ICICI Lombard General Insurance re-
Road Ministry aims to re- ance ecosystem on the 'Cashless ported a 22.4% rise in third-quarter
Golden Hour Scheme'. profit, helped by a growth in premiums
duce accidents by half in 7
"We are working on the final stages of and investment income.
years, says Nitin Gadkari this insurance scheme, which will be Profit after tax rose to 4.31 billion ru-

The Minister of Road Transport and out for public in next few months" Jain pees (nearly $52 million) for the quar-
Highways Nitin Gadkari said that the said, adding that, the new contracts ter ended Dec. 31 from 3.53 billion ru-
aim of his ministry is to halve the road the ministry is drafting, will make it pees ($42.61 million) a year earlier, the
accidents in the country by 2030. compulsory to have ambulance, and ICICI Bank - backed company said in an
paramedics at all tollgates," he added.
India witnesses 53 accidents and 19 exchange filing.
deaths every hour, most of which are On engineering initiatives, Gadkari un- Motor insurance, the company's big-
young people which is not acceptable derscored the need for improving the gest segment, contributed 50.8% to
and addressing it is the Ministry of quality of detailed project reports on the total premium earned, while its
Road Transport and Highways' part of industry, particularly focusing on fastest growing health insurance seg-
(MoRTH) top priority, Gadkari said at quality of roads, and safety perspec- ment posted 42.4% growth.
the CII's national conclave on road tive. Net premium earned during the quar-
safety. "We have worked on an Electronic Ac- ter rose 13.5% to 43.05 billion rupees.
"As a country, we have to come to- cident Reporting System. Earlier there Income from investments - another
gether to focus on the 4EsEngineering was a timelag in identifying black spots key metric - rose nearly 15% to 6.66
of Roads and Vehicles, Education, En- and correcting them. Am happy to
billion rupees in the December-quarter.
The insurer's combined ratio, an im-
ESIC adds 1.59 million in Nov portant profitability metric for an in-
Provisional payroll data from the Employees' State Insurance Corporation surance firm's underwriting business,
(ESIC) indicates that approximately 1.59 million new employees joined India's improved to 103.6% from 104.4% a
workforce. This figure marks a 7.5% decrease compared to the 1.72 million year ago.
new employees added in October.
The ministry of labour and employment said that of the new additions, about Join
747,000 were young employees under the age of 25. November saw the
inclusion of around 20,830 new establishments under the ESIC's social secu- Online Certificate
rity scheme, expanding coverage to more workers.
Course on
Notably, nearly half (47%) of the total 1.59 million employees added in No-
vember were youths under 25, showcasing a significant generation of job Digital Trends in Motor
opportunities for the nation's younger population.
Insurance
The gender-wise analysis of the payroll data revealed that women accounted
for 317,000 of the net enrolments in November, with 58 transgender em- For details please visit
ployees also registering under the ESI scheme. www.smartonlinecourse.co.in

10 February 2024 The Insurance Times