Page 7 - Insurance Times December 2020

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-
ment.
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