Page 9 - Insurance Times July 2024

and governments, delays in indemnity distribution channels appointing
payments, and an illiquid reinsurance women as Bima Vahaks at the Gram Attention Subscribers
market affected crop insurance pen- Panchayat level should lead to a faster Please renew your Subscription of The
etration. creation, training and service support.
Insurance Times Journal to receive
Fourth, an analysis of five insurers' crop This is because brokers or corporate copy of the journal uninterruptedly.
and weather insurance businesses agents have the experience, expertise You can now pay by GPAY, Phonepe,
from 2018 to 2022 reveals that the and infrastructure to support them," Paytm, Amazon, ICICI Pay, BHIM UPI
claims or indemnity payments to pre- Balasundaram said.
mium income averaged 92 per cent.
SBI General Insurance ap-
The average underwriting expenses to
expected premium income was 36 per points Naveen Chandra
cent. So, the average combined ratio
(indemnity and expense) stood at 128 Jha as MD & CEO
per cent, which indicates that for ev- SBI General Insurance Company an-
ery Rs. 100 earned as premium in- nounced the appointment of Naveen
come, insurers paid out Rs. 128. Chandra Jha as its new Managing Di-
rector and Chief Executive Officer. He
Insurance brokers urge was nominated by the parent com-
IRDAI to allow them as pany, State Bank of India, for the posi-
tion. He succeeds Kishore Kumar
Bima Vahaks Poludasu.
Insurance brokers have requested the Jha has been associated with the State
IRDAI to allow them to appoint 'Bima Bank of India since 1994 and has held
Vahaks' and not limit the appointments
several key positions during his tenure.
to insurance companies, as this will aid
Prior to his current role at SBI General
in insurance penetration.
Insurance, Jha served as Deputy Man-
The proposal was put forth during the aging Director of SBI.
'Bima Vitarak Manthan' held earlier
this month. The meeting was attended During the year ended on March 31,
by various insurance intermediaries, 2024, the bank infused additional capi-
including insurance brokers, corporate tal of Rs 489.67 crore in SBI General
agents and other insurance marketing Insurance Company Ltd. The company Sashi Publications Easy Payment
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The Insurance Times July 2024 9