Page 7 - Insurance Times December 2020
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been followed by other newcomers like  vide insurance on gold jewellery. The  ICICI Lombard gets in-prin-
          Edelweiss (CR of 193 per cent) and  new product known as 'Muthoot Gold
          Sachin Bansal-owned Navi General In-  Shield' is the gold jewellery insurance  ciple approval from IRDAI
          surance (CR 165 per cent). Shriram  scheme launched by Muthoot Finance approval to acquire Bharti
          General Insurance, with 91 per cent,  for its customers. The policy provides  AXA General Insurance
          SBI General Insurance (93.5 per cent),  insurance coverage for gold jewellery
          Universal Sompo (96.5 per cent), Care  of individual customers. This product is  IRDAI has approved in-principle acqui-
          Insurance (98.4 per cent) StarHealth  exclusively designed to provide insur-  sition of General Insurance business of
          Insurance (93 per cent) have earned  ance coverage of gold jewellery ar-  Bharti AXA General Insurance Com-
          the distinction of having low combined  ticles for customers of the company at  pany  Limited  (Bharti  AXA) by  ICICI
          ratio in the industry.            the time of closure of the gold loan  Lombard General Insurance Company
          There are very few companies (exclud-  and release of gold ornaments. It is  Limited, the company said in a state-
          ing Care) which have seen underwrit-  offered as a loyalty product.
          ing profits in FY 2019-20.        This policy covers burglary, robbery,  Earlier, Competition Commission of In-

          The top three private sector general  theft from insured person's home, loss-  dia (CCI), BSE Limited and National
                                                                               Stock Exchange of India Limited ap-
          insurers, ICICI Lombard General Insur-  in-transit and 13 other disasters includ-  proved the proposed acquisition.
          ance (CR of 100.4 per cent and under-  ing natural calamities. No documenta-
          writing losses Rs 105.16 crore), Bajaj  tion is required for this policy and it can  "Upon closing of the proposed transac-
          Allianz General Insurance (100.8 per  be generated in less than 2 minutes.  tion, the consolidated entity will have
          cent, Rs 10.90 crore) and HDFC Ergo  "Muthoot Finance as a company has  a market share of 8.7% on proforma
          General Insurance (102.60 per cent, Rs  always believed in the philosophy of  basis in the non-life business," ICICI
          177 crore) have seen negative CRs and  helping people and giving back to soci-  Lombard said in a statement. The pro-
          underwriting losses in 2019-20.   ety. Going by the initial overwhelming  posed transaction is expected to result
                                            response received for this insurance  in value creation for all stakeholders
          General Insurance Corpo-          policy, it has been widely accepted by  through meaningful revenue and op-
                                                                               erational synergies, it added.
          ration of India announces         the customers of the Company. As part  The policyholders should benefit from
                                            of  our  ongoing  customer  loyalty
          appointment of directors          programme and social commitment,   an enhanced product suite and deeper
          General Insurance Corporation of India  we are providing customers insurance  customer connect touch points, said
          announced the appointment of Anjan  coverage with an objective to build  India's largest private non-life insurer.
          Dey, General Manager, New India As-  confidence and help move ahead in life  Pursuant to the proposed combination,
          surance Company and Deepak Prasad,  without  any  fear,"  said  George  the entire general insurance business
          General Manager, General Insurance  Alexander Muthoot, Managing Direc-  of Bharti AXA would be transferred by
          Corporation of India, as 'Director' of  tor, Muthoot Finance.        way of a demerger to ICICI Lombard
          the Corporation for a period of three  Tapan Singhel, MD & CEO, Bajaj Allianz  in consideration of issuance of shares
          years from the date of assumption of  General  Insurance  said,  "At  Bajaj  by ICICI Lombard to Bharti AXA.
          office, or up to the date of superannua-  Allianz General Insurance, our endeav-  Based on the share exchange ratio
          tion, or until further orders, whichever  our has always been to offer products  recommended by independent valuers,
          is the earliest.
                                            to  ensure  that  citizens  are  safe-  shareholders of Bharti AXA will receive
                                            guarded  against  exigencies.  Gold  two shares of ICICI Lombard for every
          Muthoot Finance launches          jewellery is an integral part of our  115 shares of Bharti AXA. At present,
          jewellery  insurance  in          country's culture and hence we have  promoter  ICICI  Bank  Ltd  holds  is
          partnership  with  Bajaj          curated this product specifically for fi-  51.89% stake in ICICI Lombard, while
                                                                               the rest is with the public. After the
                                            nancially  shielding  customers  of
          Allianz general insurance         Muthoot Finance in case of any unfore-  proposed deal, promoter stake will
          Muthoot  Finance,  has  partenered  seen events, thus making them worry-  come down to 48.11%.
          Bajaj Allianz General Insurance, to pro-  free about their jewellery."  As a part of the deal, shareholders of
              The Insurance  Times,  December  2020
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