Page 60 - Insurance Times September 2015 SAMPLE

Poll Will the cap on insurance expenses
help to enhance growth in the
insurance industry.

Licensed for Reinsurance Only Yes Results of Poll in our July 2015 Issue
No
Indicates the company is a licensed Can’t say Do you think the recent premium hike
(admitted) insurer to write reinsurance for Motor third party insurance is
on risks in this state. adequate?

Lifetime Reserve Days You may send your views to : Yes 100
No 00
Sixty additional days Medicare pays for Poll Contest, The Insurance Times Can’t say 00
when you are hospitalized for more than
90 days in a benefit period. These days 25/1, Baranashi Ghosh Street, Kolkata - 700 007
can only be used once during your Phone : 2269 6035, 2218 4184, 40078428
lifetime. For each lifetime reserve day, Fax: 033-22736612, Email: insurance@bimabazaar.com
Medicare pays all covered costs except
for a daily coinsurance amount. IRDAI to push e-commerce in insurance

Living Benefits IRDAI has recently constituted two special panels for the promotion of e-com-
merce in Life and General Insurance. "The Authority is inclined to facilitate
This feature allows you, under certain the promotion of e-commerce in insurance space, which will lower the cost
circumstances, to receive the proceeds of of transacting insurance business and bring higher efficiencies and greater
your life insurance policy before you die. reach", the regulator said in a circular. The panels have been formed with
Such circumstances include terminal or captain of industry as members including Sandeep Bakshi, CEO, ICICI Pruden-
catastrophic illness, the need for long- tial Life Insurance Company Ltd, and Tapen Singhel, CEO, Bajaj Allianz Gen-
term care, or confinement to a nursing eral Insurance Company Ltd.
home. Also known as "accelerated death
benefits." The panels are supposed to identify opportunities of e-commerce in the insur-
ance sector, recommend technological solutions for e-commerce, suggest
Lloyd's regulatory and other facilitation measures for the growth of e-commerce and
synergize with Centre's Digital India initiative. The ease and convenience to
Generally refers to Lloyd's of London, buying a product online has revolutionized the manner in which products are
England, an institution within which sold across the world. "India is no exception and a plethora of products are
individual underwriters accept or reject being sold and delivered using the electronic platform to millions of custom-
the risks offered to them. The Lloyd's ers. It is probably the right time to extend this opportunity into the insurance
Corp. provides the support facility for space", as per the report given by IRDA.
their activities.

GROSS DIRECT PREMIUM INCOME UNDERWRITTEN FOR AND UPTO THE

MONTH OF JULY, 2015 (Rs in crores) NON LIFE INSURERS

INSURERS JULY Growth of CUMULATIVE % of Growth

June 2015 UPTO JULY Upto June 2015

over July 2014 over the period

Upto July`2014

2015-16 2014-15 2015-16 2014-15

Private Sector 3216.05 2859.34 12.5% 12944.24 11595.15 11.6%

Public Sector 4133.04 3717.62 11.2% 16561.96 14821.19 11.7%

Stand-alone Health 290.53 202.62 43.4% 1066.69 750.41 42.1%

Specialised 315.31 227.02 38.9% 794.96 677.20 17.4%

Grand Total 7954.93 7006.60 13.5% 31372.60 27843.95 12.7%

56 The Insurance Times, September 2015

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