Page 28 - Insurance Times May 2019

Y General -which are such an amount arising from the Y Regards given for comparable cases to bring uniformity
tort, as fixed by court-money compensation for pain
Y The award should be as far as possible conventional
and suffering, future disability, loss of expectation of life and predictable to enable parties to settle the matter
and an amount which will be compensate to the
out of court, if possible.
plaintiff for loss sustained from the particular breach
of tort and Paid for losses that cannot be specifically; Y Assessment of damages for property is easier and more
moderate
measured such as pain and sufferings disfigurement.
Some tort cases may also allow the plaintiff to recover a Liability fixed law:

"punitive damages" award. This is an additional monetary Common law or statute is known as legal liability at law. The
damages award meant to punish the defendant for their person who breaches the law commits civil wrong or tort
conduct. This can sometimes be a very high amount in and breach of duty of care is legally liable to persons so
comparison to the victim's losses. However, punitive affected if the wrong does caused row harm intentionally
damages are usually issued only in connection with very or negligently. For an act to be negligent there must not only
offensive or damaging behaviour by the defendant. Some be a possibility of in happening but also a possibility of
states may also place limits on punitive damages (such as injury being caused by it.
up to two or three times the amount of economic losses).
Persons who are closely and directly affected by the act that
Y Punitive - (exemplary or vindictive)-which exceeds the the defendant ought reasonably to have had them in
amount of loss, as plaintiff has actually suffered. Punish contemplation (foreseeability) is being so affected when
people; so that others are deterred from committing directing his mind to the act of omissions which are called
the same wrong acts, contrary to common belief, in question and there must be foresight consequences.
punitive damages are generally, modest and rare.
Generally law demands -not the highest possible standard
The assessment of compensation or damage is arrived by of care, but such care as is reasonable in the circumstances.
the court on the normally on the following principles:- What is reasonable is a matter of fact to be decided by the
Y The amount awarded must be reasonable court of law.

ICICI Securities to distribute Religare Health Insurance products
ICICI Securities Limited (I-Sec), India’s leading financial products distributor, today said it has tied up with Religare
Health Insurance, a leading health insurance company, to sell the latter’s products on its award winning platform –
www.icicidirect.com and through its 200+ retail outlets spread across the country. This would be the third health in-
surance principal to get added on I-Sec’s platform and the first pure play health insurance company.
Talking on the tie-up, Mr. Hariharan M, Sr. VP – Products Advisory Group, ICICI Securities, said, “We are constantly
looking at providing increased investment and protection products for our clients. We are happy to bring on-board
Religare Health Insurance on our platform and am sure our 4.4 million customers would find this very useful when
they are looking at purchasing a health insurance policy.“
Mr. Anuj Gulati, MD & CEO, Religare Health Insurance, said, “It is our consistent objective to provide value-for-money,
innovative health insurance solutions and quality servicing to our customers. We foresee immense potential from this
association with ICICI securities and look forward to being the preferred health insurer for their customers.”
Health insurance penetration in India is in low single digits even as the industry size is pegged at about Rs. 50,000
crore per annum. However, owing to various factors like rising awareness and entry of specialized health insurers, the
sector has been growing at a CAGR of 20% over the past 10 years.
I-Sec is a leading financial product distributor in the country and it sells products like mutual funds, life and general
insurance, NPS, corporate FDs, sovereign gold bonds, ETFs etc. It sells these products on its website as well through
offline channels. I-Sec is India’s second largest non-bank MF distributor by revenue with a strong offline presence
consisting of 200 ICICIdirect branches in 75+ cities, a nationwide network of 7,100+ sub-brokers, authorized persons,
IFAs & IAs, and presence in 3,750+ ICICI Bank branches.

28 The Insurance Times, May 2019