Page 39 - Insurance Times July 2024

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LUMIQ's Pioneering Role in Data & About the author
Analytics Dobi is the Co-Founder & CPO at LUMIQ, a firm
specializing in Data & Analytics and helping customers
LUMIQ, a Data & Analytics company, has over 10 years of
experience in the Financial Services Industry. With our deep accelerate their data maturity journey. With an M.Tech
from IIT Kanpur, he brings over 20 years of experience
domain expertise and commitment to innovation, we have
always been at the forefront of the transformation to in building and implementing products for multi-billion-
convert data into valuable assets. We have helped Insurance dollar enterprises across the globe. His expertise in
companies improve their data maturity by enabling effective consulting and building cutting edge data products is
management, analysis and value creation. helping LUMIQ position itself as an industry leader.

Insurance firms issued 700 surety bonds worth Rs. 3,000 cr

About 700 insurance surety bonds valued at around Rs 3,000 crore have been issued by different insurance companies
so far, an official statement said. The statement further said state-owned NHAI has so far received 164 insurance
surety bonds, consisting of 20 bonds for performance security and 144 bonds for bid securities.
Insurance surety bonds are financial instruments, where insurers act as 'surety' and provide the financial guarantee
that the contractor will fulfil its obligation as per the agreed terms. Wider adoption of such instruments will help to
strengthen infrastructure development in the country.
According to the statement, the Ministry of Finance has made insurance surety bonds at par with bank guarantees
for all government procurement, and NHAI has been urging insurance companies and contractors to use insurance
surety bonds as an additional mode of submitting bid security, and /or performance security.

NHAI organised a workshop in New Delhi on the implementation of Insurance Surety Bonds (ISB) for NHAI contracts.
The objective of this workshop was to review the progress made in the implementation of Insurance Surety Bonds
and encourage participation from the stakeholders for wider adoption of the instrument, the statement said.

Non-life insurance premium up 16% at Rs. 29.5 K cr in April
Non-life insurers posted nearly 16 per cent year-on-year (YoY) growth in gross direct premium underwritten in April
2024, data released by the General Insurance Council showed. Gross Direct Premium Underwritten of the non-life
insurers in April was Rs 29561.82 crore, 16.24 per cent up from Rs 25431.24 crore in April 2023.
The premium of general insurers grew by 15.30 per cent Y-o-Y to Rs 26918.86 crore. The public sector general insurers
clocked 7.74 per growth in premium to Rs 10345.04 crore, whereas, the private sector counterparts witnessed 20.58
per cent improvement to Rs 16573.82 crore. Industry leader, The New India Assurance Company saw nearly 3.93 per
cent Y-o-Y improvement in premium to Rs 5259.01 crore.
Premiums of leading private sector players like ICICI Lombard General Insurance grew by 22.65 per cent Y-o-Y per
cent to Rs 3366.01 crore and Bajaj Allianz General Insurance's premium increased by 45.42 per cent to Rs 2388.57
crore during the time period.

The Insurance Times July 2024 35