Page 5 - Insurance Times June 2021

General Insurance News

Edelweiss General employee happiness and well-being. 2021, as against Rs 844.13 crore
With this flexible model, we have earlier.
Insurance employees can ensured that safety of our employees On a cumulative basis, the gross direct
now work from anywhere is not compromised, while work premium of all the non-life insurance
Edelweiss General Insurance has productivity is also maintained." companies grew by 17.5 per cent to Rs
launched a work-from-anywhere (WFA) This is not the first company to launch 29,626 crore in April-May 2021-22, as
policy for its employees. this policy. Companies like Aegon Life against Rs 25,212.55 crore in the same
This will be a hybrid work model that and Grant Thornton have launched period of the previous fiscal.
aims to empower and enable similar policies for their employees.
employees with their choice of Crisil affirms Oriental
workspace while ensuring optimum General insurers' gross Insurance's rating; says
work productivity.
direct premium rises 11 pc company targets 5%-10%
The insurer said in a statement that
although employees were physically to Rs 12,316 cr in May 21 growth
distanced due to COVID-19, its digital Gross direct premium of non-life Credit rating agency CRISIL Ratings Ltd
operating model ensured each one of insurance companies rose 11.4 per affirming AAA/Stable rating for
them was well engaged and cent on a yearly basis to Rs 12,316.50 Oriental Insurance Company Ltd's
connected, with access to all necessary crore in May 2021, data from Irdai Rs.750 crore subordinated debt said
work infrastructure. showed. All the 32 non-life insurers' the insurer plans to grow at 5-10 per
gross direct premium stood at Rs cent this fiscal.
With the introduction of this policy,
11,061.02 crore in May 2020.
employees will have the flexibility and The rating agency said the insurer is
convenience to work from anywhere in Among these, the 25 players in the predicting the growth over the near to
India. Employees whose physical general insurance sector registered medium term on the premise that the
presence is not required in the office nearly 7.2 per cent growth in premium second wave of the pandemic should
will be able to work from anywhere collection during the month at Rs tail out by the end of Q1 2022.
permanently, even once offices begin 10,822.77 crore as against Rs The business growth will be driven by
to reopen. 10,098.30 crore in the year-ago motor, health and fire segments.
period, as per the data by the
Melvin Gladstone, Chief HR Officer, Oriental also plans to run down its loss
Insurance Regulatory and
Edelweiss General Insurance said, "The making crop portfolio to about 10
Development Authority of India (Irdai). percent of the total premium base,
last one year has presented an
opportunity to analyse and understand The six standalone private sector CRISIL said.
more creative and productive ways of health insurance companies registered The rating agency also reaffirmed the
working and engaging. For EGI, WFA is a jump of 66.6 per cent in their gross insurer's corporate credit rating at
an investment and commitment to premium at Rs 1,406.64 crore in May AAA/Stable.
The Insurance Times, June 2021 5