Page 50 - Insurance Times June 2019

activities may be sent to the Authority, immediately. Nodal Officer may also be conveyed to us and the
same may be given due publicity.
5. Progress report on the claims settled for the cyclone
related deaths in Odisha and neighbouring states shall be b. If there are any death claims and death certificate
separately submitted to ronanki.venkatesh@irda.gov.in is difficult to obtain on account of non-recovery of
and life@irda.gov.in on daily basis. PMJJBY claims data body etc, the process followed in the case of
need to be submitted separately while including the Jammu & Kashmir floods (Notification of Ministry
same in total claims. of Home Affairs, GoI, No. 1/12/2014- Vs (CRS) Dated
12.09.2014- which was also followed when
This has approval of the Competent Authority.
Tamilnadu Floods and Kerala Floods occurred), may
Chief General Manager (Life Insurance) be considered.
c. Details of offices/ special camps set up for the
purpose may be publicized through media and
Guidelines on Insurance Claims of
through State Government channels to enable
Victims of Cyclone Fani (May 2019) in the filing of claims.
states of Odisha, West Bengal and d. It needs to be ensured that all claims are surveyed
immediately and claim payments/on account
Andhra Pradesh
payments are disbursed at the earliest and in any
Ref. No:IRDAI/NL/GDL/MISC/074/05/2019 case not exceeding the stipulated time line.

Date:07-05-2019 e. Adequate number of surveyors may be engaged
immediately in the affected areas.
1. As you are aware, the recent cyclone Fani has caused
f. You are also requested to launch extensive
immense loss to property in the state of Odisha and
awareness campaign in the affected states duly
also in neighboring states. There has been loss to some
highlighting the measures taken by you.
lives. There is an urgent need for insurance industry to
take immediate steps to mitigate the hardships of the
3. In order to gauge the magnitude of loss, all non-life
affected insured population by ensuring immediate
insurers (including Standalone Health Insurers) are
registration and settlement of eligible claims.
advised to submit information relating to insurance
claims related to cyclone Fani daily basis in the format
2. You are advised to initiate immediate steps for quick
attached.
registration and disposal of claims on the following
lines: - 4. We request you to take urgent steps for expeditious
a. Please nominate a senior officer at the company settlement of claims in the cyclone hit areas and submit
level who would act as a Nodal Officer for the details of the same as advised above.
affected states. The Nodal Officer would be
coordinating the receipt, processing and settlement Sujay Banarji
of all eligible claims. The contact particulars of the Member (Non-Life)

General Insurers' claim ratios improve
General insurers improved their record at claims management in government sponsored and corporate group health
segments in 2017-18, but the wide gap between incurred claims ratios - claims against premium earned - of indi-
vidual and group segments persists. Thanks to better pricing and lower competition, general and standalone health
insurers recorded an overall incurred claim ratio of 94 per cent in 2017-18, compared with 105.6 per cent in 2016-17,
as per the sector regulator's handbook, Indian Insurance Statistics 2017-18.
Government and group businesses reported ratios of 115 per cent and 107 per cent, respectively, while those of fam-
ily floater and individual segments were far lower at 70 per cent and 73 per cent. A year earlier, incurred claims ratios
were 122 per cent and 125 per cent for government and group segments, and 73 per cent and 79 per cent for family
floater and individual segments. Public sector companies' retail health ratios are higher than those of private compa-
nies. "There is increase in pricing discipline from insurers which is leading to improvement in loss ratios," said Shreeraj
Deshpande, principal officer at Future Generali General Insurance. Incurred claim ratio represents claims paid out of
net premiums earned during the year.

50 The Insurance Times, June 2019