Page 5 - The Insurance Times January 2022

General Insurance

News

Edelweiss General Insur- ism and demanding that the bill be Of these, the 24 general insurance
sent to the select committee for scru- companies witnessed a 4.2 per cent
ance joins hands with tiny. increase in their gross direct premium
PhonePe Lok Sabha had passed the Dam Safety during the month at Rs 13,566.39
Edelweiss General Insurance (EGI) has Bill, 2019, which seeks to provide a crore, Insurance Regulatory and De-
partnered with PhonePe, a fintech robust legal and institutional frame- velopment Authority of India (IRDAI)
firm in the digital payments space, to work for ensuring the safety of dams, said.
offer quick and easy, digital motor in- in August 2019. The Upper House For the five standalone private sector
surance products to all its customers. passed the bill by voice vote even as a health insurance providers, the gross
The partnership will help EGI reach out motion to send it to the select commit- direct premium in November stood at
to PhonePe's vast and growing net- tee of the house was defeated with 80 Rs 1,516.77 crore, a jump of nearly 30
work of customers and offer them lawmakers voting against it and 26 in per cent from the year-ago period.
simple, end to end digital solutions in favour.
the motor insurance segment. However, the two specialized PSU in-
Responding to a discussion on the bill
surers -- Agricultural Insurance Com-
According to the press release, in which 22 MPs took part, Union min- pany Ltd and ECGC Ltd -- reported a
PhonePe customers can purchase EGI's ister of Jal Shakti Gajendra Singh
decline of about 10 per cent in their
motor insurance policy in just a few Shekhawat alleviated the concerns of combined gross direct premium during
clicks with Zero paperwork. Customers several opposition MPs that the the month at Rs 660.06 crore.
can also opt for add-on benefits like Centre's intention was to encroach on
depreciation protect, engine protec- the powers of state governments, say- On a cumulative basis, the gross direct
tion, consumable expense protect, ing the government followed the prin- premium written by all the insurers
roadside assistance, key and lock pro- ciple of cooperative federalism in its during April-November period of FY22
tect, to suit their individual needs. working. increased 11.72 per cent to Rs
1,42,128.88 crore, as per IRDAI data.
Parliament passes bill to Non-life insurers' gross di-
48000 people died in acci-
prevent clam disasters rect premium up 5.5%
dents on National High-
through surveillance The gross direct premium written by
non-life insurance companies rose by ways in 2020
The Parliament passed a bill to prevent
dam disasters through regular surveil- 5.5 per cent to Rs 15,743.22 crore in A total of 47,984 people died due to
November, data from IRDAI showed. road accidents on National Highways,
lance, inspection, operation and main-
tenance, with Rajya Sabha approving The 31 non-life insurance companies including on expressways, during cal-
the legislation amid several Opposition had written premiums worth Rs endar year 2020, Parliament was in-
parties calling it an assault on federal- 14,919.43 crore in November 2020. formed.

The Insurance Times, January 2022 5