Page 8 - The Insurance Times August 2024

The insurance coverage under the months ago, alleging that it suffered a ance commissions lack a legal founda-
Pradhan Mantri Suraksha Bima Yojana body blow after its accidental insur- tion and it also highlighted the impli-
(PMSBY) and the Group Accident Insur- ance scheme for fisherfolk was taken cations of taxing reinsurance of crop
ance Scheme (GAIS) has been altered away. insurance schemes as it may not ben-
to provide a comprehensive insurance efit the farmers. "These efforts culmi-
coverage of Rs 5 lakh for the fisherfolk General insurance sector nated in the GST Council granting the
(Rs 3 lakh under GAIS for accidental much needed relief," GI Council said.
death or permanent total disability, gets Rs. 18000 GST bo-
and Rs 2 lakh under PMSBY), officials nanza Non-life insurers see 14%
said.
The general insurance sector has re-
Sources said hitherto a coverage of Rs ceived a bumper relief amounting to increase in Q1 premium
2 lakh under PMSBY and Rs 5 lakh un- over Rs 18,000 crore with the GST Non-life insurers reported a 13.7 per
der GAIS was offered. Council dropping the tax demand that cent year-on-year (Y-o-Y) growth in

The new scheme is fully subsidised and the insurers had been slapped with. gross direct premium, underwritten in
the fisherfolk are not required to pay The reliefs allowed by the GST Council April-June quarter of FY25 (Q1FY25).
any premium. The entire premium include the dropping of GST demands This was driven by strong performance
would be paid to the insurer by the amounting to over Rs 18,000 crore at in health and motor segments, data
Centre and the state government, of- an industry level, providing a significant released by the General Insurance
ficials said. respite to the sector, according to the Council showed.

Around 3.2 million fisherfolk are cov- General Insurance Council (GI Council). Premiums earned by non-life insurers
ered under the insurance schemes. The GST demand was on co-insurance in Q1 stood at Rs 72,267.41 crore com-
and reinsurance commissions and tax- pared to Rs 63,540.55 crore in Q1.
The National Federation of Fishers Co-
operatives Ltd (FISHCOPFED) wrote a ing of reinsurance on crop schemes. Non-life insurers include general insur-
letter to the Ministry of Fisheries, Ani- GI Council's argument was that GST ance companies, standalone health
mal Husbandry and Dairying a few demands on co-insurance and reinsur- insurance companies, and specialised
PSU insurers.
Public sector general insurers get 8 new executive In Q1, general insurers, who operate
in multiple business segments, includ-
directors
ing motor, health and marine, re-
The Cabinet Appointments Committee (ACC) has approved the appointment ported a 12.42 per cent Y-o-Y growth
of eight Managing Directors of Public Sector General Insurance Companies to Rs 63,948.72 crore.
(PGICs) as Executive Directors.
Public sector general insurers clocked
Rashmi Bajpai, currently General Manager (GM) at Oriental Insurance Com- 6.45 per growth in premiums during
pany Ltd (OICL), has been appointed as Executive Director (ED) at the same
this period, while private sector insur-
company.
ers reported a 16.37 per cent rise.
Amit Mishra, currently GM in New India Assurance Company Ltd (NIACL),
has been appointed ED in OICL. Hitesh Ramesh Chandra Joshi, currently GM CASHe buys Centcart In-
in GIC Re, has been appointed ED in the same company. Radhika CS, cur- surance
rently GM at United India Insurance Company Ltd (UIICL), has been ap-
pointed ED at GIC Re. T. Babu Paul, currently GM at National Insurance Aeries Financial Technologies Pvt. Ltd,
Company Ltd (NICL), has been appointed ED at the same company. which operates fintech startup CASHe,
said it has forayed into insurance
Prasad CG, presently GM in NIACL, has been appointed ED in NICL. Sunita
broking services with the acquisition of
Gupta, presently GM in Oriental Insurance Company Ltd (OICL), has been Hyderabad-based Centcart Insurance
appointed ED in UIICL.
Broking Services Pvt. Ltd.
Dasarathi Singh, currently Managing Director of Agriculture Insurance Com- With this strategic acquisition, CASHe
pany of India Ltd, has been appointed as a Director at the same company.
expands its presence across key sectors
The top executives mentioned above have terms ranging from less than one of the fintech industry, including lend-
year to four years. ing, wealth management, and insur-

8 August 2024 The Insurance Times