Page 56 - Insurance Times December 2019

Poll taking a severe hit due to fall in car sales
Glossary
Do you think Motor Insurance Portfolio is

Yes Results of Poll in our November 2019 Issue

No Whether the hike in loss limits for the
appointment of surveyors is justified?
Can’t say

You may send your views to :
Poll Contest, The Insurance Times Yes 00
Experience Rating
Rating system where each group is 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 100
Phone : 2269 6035, 2218 4184, 4007 8428 Can’t say 00
rated entirely on the basis of its own Email: insurance.kolkata@gmail.com
expected claims in the coming period,
with retrospective adjustments for prior 15,000 Employees can lose job due to National In-
periods. This method is prohibited surance, Oriental Insurance, United India Merger
under the conditions for federal Finance Minister Nirmala Sitharaman has declared that National Insurance, Ori-
qualification.
ental Insurance, United India will be merged, to create India’s biggest non-life
Extra Expense Insurance insurance company. General Insurance Business Nationalisation Act in Budget
A type of property insurance for 2019-20 will be modified for executing the same. However, as per some estima-
extraordinary expenses related to tions, 10-15,000 jobs can be lost, once this merger is completed.
business interruption such as a back-up While considering the merger, the three companies have different technology
generator in case of power failure. and IT platforms. So platform migration and integration will be an immediate
challenge that will be faced soon. Apart from this, there will also be formidable
Face Amount HR issues given the proliferation of trade unions in the three PSU insurance com-
The value of a policy to be provided panies.
upon maturity date or death.
Srinivasan said, “Here the role played by the chairman of SBI in the smooth
Facultative Reinsurance merger of its associate banks with it, perhaps will serve an example worth learn-
Reinsurance for a specific policy for ing from.” Although the plan is to create the largest general insurance company
which terms can be negotiated by the in the country with a merger of the three PSU insurance companies, it is expected
original insurer and reinsurer. that the plan is likely to make redundant 10,000-15,000 excess staff.

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56 The Insurance Times, December 2019