Page 10 - Insurance Times June 2023

cent hike to consumers. We have to eral insurers entering into the top-five
build capacity that is more India-cen- league of the industry by replacing Attention Subscribers
tric," said a chief executive officer public sector general insurers. In FY 23,
Please renew your Subscription of The
(CEO) of a private-sector general in- the top five general insurers of the
Insurance Times Journal to receive
surer. country were - New India Assurance
copy of the journal uninterruptedly.
(Rs 34,487 crore premium income with
You can now pay by GPAY, Phonepe,
Private General insurance a growth of 6 per cent), ICICI Lombard
Paytm, Amazon, ICICI Pay, BHIM UPI
General Insurance (Rs 21,000 crore
players' expanding market
premium, 17 per cent growth), United
share India Insurance (Rs 17,643 crore, 12.22
per cent), HDFC Ergo general insur-
Private General insurance players have
ance (16,635 crore, 23.25 per cent),
wrested some market share from pub-
Oriental Insurance Company (Rs 15,609
lic sector companies as witnessed in
crore, 14 per cent). "FY23 has seen the
the case of the banking sector in the
market share of the four public sector
fiscal year 2022-23 (FY23).
general insurers for the first time have
The four PSU insurers, New India As-
fallen below 33 per cent.
surance, United India, Oriental Insur-
ance and National Insurance, with a
Cyberattack on Insurance
total premium of Rs 82,895 crore (Rs
75,132 crore in FY22) have reported a Info Bureau
cumulative market share of 32.27 per
The Insurance Information Bureau of
cent, down from 34.03 per cent in
India (IIB) has faced a cyberattack and
FY22.
some of the data it holds may have
However, private sector general insur- been compromised, said two people
ers including five stand-alone health in- aware of the matter. IIB collects trans-
surers (SAHIs) with a total premium of action data from insurers for different
Rs 158,182 crore during the year ended lines of business.
March 2023 (Rs 130,420 crore in FY22)
"There has been a breach, it is being
expanded the total market share to
addressed at the highest level," said
61.56 per cent from 59.16 per cent in
one of the people aware of the devel-
FY22, according to figures released by
opments. "Some data has been com- Sashi Publications Easy Payment
the General Insurance Council.
promised, the situation is ongoing," Modes :-
There is now a new ranking order said the second person who did not i) UPI ID: SASHIBOOKS@KOTAK
emerging with two private sector gen- wish to be quoted. ii) GPAY: 9830171022@okbizaxis
iii) PAYTM: 9830171022@paytm
IRDAI proposes to tighten norms for media cam- iv) NEFT: Current A/C
paigns by insurers 402120110000327 of 'SASHI
PUBLICATIONS PRIVATE
IRDAI is proposing to tighten norms for insurance advertisements by assigning
LIMITED, Bank of India, VVK
higher responsibility on senior management of insurers in designing and approv-
ing media campaigns for product promotion. In this context, IRDAI has proposed Road Branch., Kolkata, India,
an amendment in the 2021 regulations on insurance advertisements and disclo- IFSC Code : BKID0004021
sure. Under the proposed amendment, each insurer will be required to consti- v) Credit Card:
tute an advertisement committee comprising at least three members mandato- www.sashipublications.com
rily from marketing, actuarial and compliance functions of the insurer.
For any query please call
"The objective of the amendment is to assign higher responsibility on the se-
9073791022/9883398055
nior management while designing and approving the advertisements for the
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consumption of the customers," said the exposure draft.
10 June 2023 The Insurance Times