Page 47 - Insurance Times October 2019

Commission is challenged before the Supreme Court of Sharma and Others case, the Insured claimed that his busi-
India. ness of sanitary wares suffered damages on account of il-
legal demolition by the Municipality in the premises. The
Supreme Court observed that, claim, in case of an accident, Insured’s claim for insurance was repudiated by the insur-
is payable only if the following conditions are satisfied: The ance company on the ground that the Policy of Insurance
insured sustained injuries directly and solely from the ac- provided for exclusion of loss on account of “destruction
cident; the accident was caused by violent, outward and by order of the Government or any lawfully constituted
visible means; and that injury solely and directly of other authority”. The State Commission however allowed the
causes results in the death of the insured person. claim holding that the order of demolition passed by Mu-
nicipal Corporation had not been brought on record and
Supreme Court in the present case held that there is no in its absence the exclusion would not operate. The High
evidence to show that any bodily injury was suffered due Court in appeal upheld the State Commission’s order and
to fall from the bike or that led to the insured suffering a held that the insurer was liable to indemnify the loss sus-
heart attack. There is no evidence to show that the acci- tained by the insured.
dent took place as a result of any violent, outward and
visible means. For the reasons stated above, Supreme
Court is of the view that judgment of the NCDRC does not In view of the fact of the case, the Apex Court decided on
the issue whether the exclusion clause under the Policy of
suffer from any error and the appeal shall stand dismissed.
Insurance was attracted? While making reference to Su-
New India Assurance Company Limited v. preme Court’s verdict in National Insurance Co. Ltd. v. Ishar
Das Madan Lal, the Court noted that where there is an
Rajeshwar Sharma exclusionary clause in an Insurance Policy, burden lies on

In New India Assurance Company Limited v. Rajeshwar the insurer to establish that the exclusion is attracted. T

Can Fin Homes Limited and Bajaj Allianz General Insurance announce tie-up for
distribution of Insurance Products
Bajaj Allianz General Insurance, India’s leading private general insurance company and Can Fin Homes Limited, one of
the leaders in Housing Finance, announced a corporate agency agreement for distribution of Bajaj Allianz General
Insurance’s products. Under this key agreement, Bajaj Allianz General Insurance will offer personal lines of insurance
products such as Health, Personal Accident, Home, Motor and Travel with special focus on Long Term Dwelling Insurance
for Home Loan Customers, Critical Illness and PA Cover for Loan Borrowers.
Under this strategic agreement, Bajaj Allianz General Insurance will offer its industry leading general insurance products
to the customers of Can Fin Homes through their robust network of 194 outlets across India. Commenting on the
partnership, Mr. Shreekant M Bhandiwad, DMD, Can Fin Homes said, “Our partnership with Bajaj Allianz General
Insurance helps customer’s purchase their financial requirements under one roof. Our partnership is anchored with
a common objective of being committed towards fulfilling the insurance requirements of Can Fin Homes Customers.”
Speaking on this partnership, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said “Insurance
penetration is still very nascent in India which requires such partnerships to help reach consumers and offer
products catering to their needs. We are excited to provide Bajaj Allianz General Insurance product solutions and
experience to customers of Can Fin through their strong network and provide insurance solutions to various corners
of the country.” This strategic alliance aims to improve penetration and awareness of personal lines of insurance
like Home, Health and Motor Insurance at the same time redefining customer experience. T

SBI Gen Insurance records profit decline at 75 crore

SBI General Insurance has recorded a decline in net profit at Rs 75 crore for the quarter ended June 30, 2019, compared to
Rs113 crore in the same period previous year. The drop in profit of the life insurance subsidiary of State Bank of India, the
country’s largest lender, was attributed to higher tax outgo. The insurer’s gross underwritten premium grew 26.4% to Rs
1,278 crore in the first quarter of the fiscal from Rs 1,011 crore a year ago. It made an underwriting profit of Rs 1.47 crore
in the April to June 2019 quarter, compared to Rs 6.91 crore in the same period a year ago. T

The Insurance Times, October 2019 47