Page 6 - Insurance Times Janaury 2021

General insurers see 2.7% are segments such as the auto sector disruption. Indian and global airlines
and we are well aware how much that such as SpiceJet, Emirates, Virgin
growth in November business got impacted in Q1. Q2 has Atlantic among others too are

premiums seen some recovery and Q3 is looking marketing Covid-19 insurance products
General insurers have reported a 2.7 better than Q3. Health has grown at to attract passengers.
per cent year on year (yoy) growth in more than 30 per cent rate. In fact, In October, Indian government
the momentum is very high in the
gross direct premium underwritten in removed curbs on business visas and
November after witnessing a marginal health segment", said Sanjeev Mantri, travel bodies are pitching for relaxation
decline in premium collection in Executive Director, ICICI Lombard for tourist visas too. The Indian
October. General Insurance. Association of Tour Operators has
General insurers were in the red in asked the government to atleast
September also, with premium Central Government declare a date when leisure tourists
collection slipping 4.41 per cent. And, moots Covid cover for will be able to visit India. Such an
announcement would enable overseas
in October premiums for non-life foreign tourists
insurers contracted by 0.41 per cent. tour operators to include India in their
Foreign tourists visiting India may be marketing plans for next year, it said.
In November, General insurers, which
offered attractively priced Covid-19 Secretary General of Federation of
include general insurers, standalone
insurance covers as a part of the Associations in Indian Tourism and
health insurers, and specialised PSU tourism ministry's plans to revive the Hospitality Subhash Goyal said the
insurers, reported gross direct sector. government should start by offering e-
premium underwritten to the tune of visas to citizens of countries with which
Rs 14,981 crore, compared to Over 10.9 million foreign tourists India has an air travel bubble
14,585.91 crore in the same period visited India in 2019. Inbound tourism, agreement.
last financial year. however, came to a standstill in March
when the government suspended The government however is in favour
While the general insurers, 25 in total,
tourist visas as part of its lockdown of calibrated steps regarding inbound
have collected Rs 12,923 crore in measures. While these visa curbs are travel and the current focus is on
premium in November, up 1.57 per expected to continue for some time, boosting domestic tourism. The tourism
cent yoy, the standalone health the tourism ministry is working on ministry also plans to release traveler
insurers saw their premium collection measures that will assure foreign videos which highlight safety measures
go up by 13.45 per cent yoy to Rs tourists of safety and generate undertaken by airlines and airports to
1,324.78 core. In October, standalone confidence about India in source
health insurers witnessed excellent markets when its doors open again. generate more confidence.
growth in premium collection, with
premiums in October this year rising 32 The tourism ministry's additional Over 50% vehicles on
per cent to Rs 1,403 crore. director general, Rupinder Brar, said Indian road uninsured -
the department is studying insurance
In the first eight months of the policies introduced by Singapore and Insurance Information
financial year (April - November),
general insurers saw their premium other countries. She added discussions Bureau
collection drop 0.07 per cent to Rs 1.09 are on with insurance companies and More than half the vehicles on the road
trillion, while standalone health finance ministry on modalities of in India are running without any
insurer's premiums rose 10.26 per providing Covid-19 insurance cover insurance cover - a mandatory
cent to Rs 9,181.35 crore. The non-life while addressing an industry webinar. provision under the Motor Vehicles
industry, on other hand, reported a Also on the cards is a promotional Act.
marginal growth of 1.35 per cent in campaign that will highlight Nearly 57 per cent of the total vehicles
premiums in April - November period infrastructure progress alongside on the road were uninsured as of
of FY21 at Rs 1.27 trillion. various places of interest within the March 2019, up from 54 per cent in
country.
"The general insurance industry has March 2018, according to the
recovered in a very a significant way To be sure, insurance companies are Insurance Information Bureau of
from Q1.The critical components that already offering policies to cover Covid- India's annual report released on
drive the general insurance industry 19 related hospitalisation and travel December 7.

6 The Insurance Times, January 2021