Page 7 - Insurance Times February 2024

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Govt keen to expand Gym trainer kills man to
Premiums of non-life in-
surers up 15% in Decem- ECGC cover: Goyal claim Rs. 1 crore insurance
Union minister for Commerce and In- money
ber 23
dustry Piyush Goyal said that the Cen- Police have arrested a gym trainer on
The monthly premiums of non-life
tre was keen to expand the ECGC (Ex- suspicion that he faked his own death
insurance companies grew by 14.74
port Credit Guarantee Corporation) by murdering a man who matched his
per cent in December 2023 to Rs
cover, now provided to banks towards description to claim an insurance pay-
25,098.18 crore from Rs 21,874.61 out. Two of the gym trainer's friends
crore in the year-ago month. the credit extended to exporters, to
even individual exporters of gems and have also been arrested as cops be-
According to the General Insurance lieve they participated in the murder
Council (GIC)'s monthly data, public- jewellery. plot.
sector general insurance companies "We have now started giving ECGC In September 2023, Ayanavaram-
grew 13.10 per cent. The overall cover for the whole turnover that the based gym trainer Suresh (38) hatched
premium of the companies compris- gem and jewellery industry must be a plan to fake his own death and claim
ing The New India Assurance Com- having. They are right now given to Rs 1 crore in life insurance that would
pany, National Insurance Company,
the banks who are lending money to come to his family in case of his death,
The Oriental Insurance Company, you. I am keen to expand that," the as per the cops. The plan failed be-
and United India Insurance Com- minister told a gathering of gem and cause the police recorded a suicide
pany increased to Rs 8,314.54 crore case and the insurance company re-
from Rs 7,351.51 crore in the year- jewellery exporters. jected the payout claim.
ago period. The minister suggested the formation
The Oriental Insurance Company of a committee having representation He, along with two of his friends,
started searching for a person with a
posted the highest growth of 29.40 from ECGC, the government, and the physical resemblance to Suresh, and
per cent among public-sector com- Gem & Jewellery Export Promotion
identified his former tenant, Dillibabu,
panies to Rs 1,711.14 crore from Rs Council (GJEPC) that can frame a as a potential body double.
1,322.34 crore. National Insurance mechanism for exporters to avail the
Company posted a 17 per cent fall credit cover. It can happen if industry The three took Dillibabu to Puducherry
in the premium to Rs 956.21 crore would play a proactive role and asso- for a drinking session. He was then al-
from Rs 1,153.28 crore a year ago. ciations get involved, he added. legedly taken to a farm hut belonging
The growth of the private general to Suresh's family. The farm hut was
insurers increased by 16.16 per cent "If we work in collaboration, we can burnt down with Dillibabu in it, cops
to Rs 12,696.27 crore as compared make this industry expand and grow. claimed. While Suresh absconded, his
to Rs 10,929.52 crore across the The way forward is to become $100 family believed he had died in the fire
time period. billion industry in exports," he added. and conducted his last rites.

The Insurance Times February 2024 7