Page 56 - Insurance Times February 2016

Non-Recourse Mortgage Poll Do you think after the devastating flood affect-
A home loan in which the borrower can ing South India, the insurers and regulatory
never owe more than the home's value Yes bodies will come up with more products and
at the time the loan is repaid. No services?
Can’t say
Noncancellable Results of Poll in our January 2016 Issue
Contract terms, including costs that can
never be changed. Do you think that the insurance industry is still
poised for a strong growth as the domestic
Occurrence economy is expected to grow steadily?
An event that results in an insured loss.
In some lines of business, such as liability, You may send your views to : Yes 100
an occurrence is distinguished from No 00
accident in that the loss doesn't have to Poll Contest, The Insurance Times Can’t say 00
be sudden and fortuitous and can result
from continuous or repeated exposure 25/1, Baranashi Ghosh Street, Kolkata - 700 007
which results in bodily injury or property Phone : 2269 6035, 2218 4184, 40078428
damage neither expected not intended Fax: 033-22736612, Email: insurance@bimabazaar.com
by the insured.
Sectoral penetration to increase in India: Vijayan
Other Income/Expenses
This item represents miscellaneous IRDAI Chairman T. S. Vijayan said foreign participation will attract more capi-
sources of operating income or expenses tal and increase sectoral penetration in India. Higher foreign participation in
that principally relate to premium the insurance sector is viewed as a "positive" step.
finance income or charges for
uncollectible premium and reinsurance "This is extremely positive step. I am sure more capital is going to come. More
business. capital is required to increase the penetration of insurance in India," Vijayan
told reporter in New Delhi on the sidelines of Health Insurance Conference
organized by FICCI.

"Insurance companies are already in discussion; when they discuss raising stake
from 26 per cent to 49 per cent, there is of course discussion on pricing. Once
they conclude on the pricing front, it will help increase insurance penetra-
tion", he added.

The prominent foreign players are Nippon in Reliance Life Insurance, AXA in
Bharti AXA Life Insurance, Bupa in Max Bupa Health Insurance and Sunlife
Financial Inc in Birla Sunlife.

GROSS DIRECT PREMIUM INCOME UNDERWRITTEN FOR AND UPTO THE

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

INSURERS DECEMBER Growth of CUMULATIVE % of Growth
December 2015 UPTO Upto Dec. 2015
over the period
over DECEMBER Upto Dec.`2014
December 2014

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

Private Sector 3147.13 2788.28 12.9% 28632.99 25631.09 11.7%

Public Sector 4028.75 3403.84 18.4% 34977.01 31233.27 12.0%

Stand-alone Health 382.88 253.03 51.3% 2646.08 1831.83 44.5%

Specialised 224.70 241.67 -7.0% 3627.37 2950.54 22.9%

Grand Total 7783.46 6686.82 16.4% 69883.45 61646.73 13.4%

56 The Insurance Times, February 2016

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