Page 45 - The Insurance Times September 2022

Developing highway DM plans for all the identified Incorporation of Geographic Information System (GIS)
stretches, nodal points, and Standard Operating technology.
Procedures (SOPs) integrated in the driver’s kit.
Identification and incorporation of legislative and
Establishing a register of relevant national and institutional framework for disaster preparedness with
international institutes and information exchange specific and measurable indicators.
programmes. Risk mapping.
Establishing post-disaster documentation procedures, Development and improvement of relevant databases
epidemiological surveys and minimum criteria for relief including isolated storages and warehouses.
and rehabilitation.
Preparation of a National Response Plan.
Sensitising the community on chemical disasters. Pooling of resources available on transport routes of
Sensitising all stakeholders, especially the management chemicals.
of MAH units for a more proactive role in prevention of Crisis Alert System (CAS) and continued training
chemical accidents by instituting regular internal audits programmes.
of plant safety measures, actuation of On-Site
emergency plans and establishment of mutual aid The activities mentioned above will be initiated with
arrangements. immediate effect and will be further intensified in due
course of time. An institutional framework for the
The MoEF, as the nodal ministry, will prepare a detailed management of chemical disasters will be set up at the
Action Plan in accordance with these Guidelines with specific national level, which will integrate and strengthen the
tasks, activities, targets and timeframes that will also form existing institutional mechanisms on CDM. For efficient and
a part of the national DM plan. coordinated management, the state governments will issue
guidelines for the preparation of district and local level plans
In view of the expected time lapse between the formulation in accordance with these Guidelines. The objective is to
and approval of the DM plan, an interim arrangement has evolve an attainable and practical approach for the
also been suggested, highlighting the following features: management of chemical disasters in India with the
Baseline information on hazard identification and risk participation of all stakeholders including local communities
assessment in chemical installations and pipelines. for On-Site and Off-Site emergencies.

India's Axis Bank eyes 10% stake in Go Digit life

insurance business

India's Axis Bank is in talks to acquire a stake in Go Digit Life Insurance, two sources with direct knowledge of the
matter, as the country's third biggest private lender seeks to tap a fast-growing insurance market. Axis is planning to
take a 10% stake for around $9 million in the start-up's upcoming life insurance business, effectively valuing the business
at $90 million, said the two sources, who declined to be named as the talks were private.

The move comes after India's biggest private lender HDFC Bank said in a stock exchange disclosure last week that it
planned to buy a 9.94% stake in Go Digit Life for up to 700 million rupees ($9 million). Start-up Digit, which already
works in the general insurance business, is foraying into the life insurance market with its "Go Digit Life" venture. A
Digit spokesperson declined to comment, saying the company had not yet received a licence for its life insurance
business. Axis did not respond to Reuters' request for comment.
Go Digit General Insurance, Digit's general insurance business, says it is valued at $4 billion and backed by Canadian
billionaire Prem Watsa and Sequoia Capital. It offers products such as health, travel and automobiles coverage. Axis'
plans underscore growing interest in India's lucrative insurance business from private lenders, one of the sources said,
adding that the partnership with Digit could help Axis fulfill its insurance ambitions.
India's life insurance market, the world's tenth biggest, remains largely untapped. Life insurance penetration - which
is measured by the country's life insurance premium as a percentage of its gross domestic product - grew to 3.2% in
the fiscal year to 2021, up only slightly from 2.15% two decades ago, according to data from India's insurance regulator.

The Insurance Times, September 2022 45