Page 20 - Insurance Times April 2024

also sell a product that may not suit the Samata Educational Foundation for Group SLIC Chief Executive Officer
requirements of the customer or he or school students. Chandana L. Aluthgama said, "After
she may not have the financial over 62 years of successful operations,
RR Singh, the chairman and managing
capacity to continue it." the mandated separation of the life
director of the insurance company with
There are some other reasons for its head office in New Delhi, India and general insurance businesses
policy discontinuation and one of them along with General Manager Rekha enables us to be more focused in our
is fund embezzlement by agents. Mohanty Thakur and CEO of its Nepal business strategies and ensures
According to Hossain, non-payment of Office T Chakraborty handed over improved efficiency and effectiveness
premiums and the loss of income cheques to the PM Relief Fund as well when serving our customers.
sources also play a role. "In many as Samata Education Trust during a Understanding this critical pivot, we
cases, policy-holders pay the premiums recent visit to Nepal. have adapted to regulatory
to someone else who does not deposit requirements as well as market
the money within the stipulated During the visit, Singh launched a new dynamics and initiated operational
insurance policy "Oriental Youth Eco
period or does not deposit the fund at separation across segments in 2018."
Care policy" in Nepal which is now
all."
available in the market for Nepalese He added, "Hence, while 2024 signals
He said agents sometimes switch the legal culmination of the
citizens between the ages of 18 to 45
professions and insurers close branches. segregation, we are already seeing
years.
Natural calamities such as floods, results of our focused business
droughts and cyclones also caused the Oriental Insurance Co Ltd. has been approach. For example, despite
deterioration of the financial capacity actively operating in Nepal since the industry and national challenges,
of policy-holders. year 2024 BS, functioning as a branch SLICGL has demonstrated exceptional
office of an Indian company under the
An Idra official, on condition of performance in 2023, a growth story
auspices of the Government of India.
anonymity, said that there are some that speaks volumes about our
managing directors of insurance The company claimed that it provides performance and potential in the
companies who influence their agents insurance coverage for property, general insurance industry."
so that policies are discontinued. motor, marine, engineering, personal
While the overall general insurance
"If the policy is not renewed at the end accident, health insurance, industries, sector posted an average growth in
of the first year, the companies will not factories, construction of bridges, gross written premiums (GWP) of 5.7
have to settle the claims." (https:// including hydropower projects, percent in 2023, SLICGL surged ahead
www.thedailystar.net/) according to customer's needs in with a 14 percent increase in GWPs in
addition to re-Insurance support to
the same year. Growth is attributed to
Oriental Insurance provides local insurance companies of Nepal. the significant expansion in both motor
(https://myrepublica.nagariknetwork.
financial support of Rs 2 com/) and non-motor segments, with SLICGL
million to Jajarkot earth- maintaining its leadership position in
the motor market and bridging the
quake victims and school Sri Lanka Insurance gap in the non-motor segment.
students Corporation General
Kathmandu-based office of Oriental poised for growth Join
Insurance Co Ltd has provided financial
support of Rs 2 million quake victims Sri Lanka Insurance Corporation Online Certificate
and school students under its General Ltd. (SLICGL), the general
Corporate Social Responsibility. insurance subsidiary of Sri Lanka Course on
Insurance Corporation Ltd (SLIC), is
Issuing a recent statement, the
entering a new phase of growth and Motor Insurance
company said it provided Rs 1 million
to the Prime Minister's Disaster Relief innovation, following its official For details please visit
Fund to support the Jajarkot segregation on February 1, 2024.
earthquake victims and Rs 1 million to Commenting on the outlook for SLICGL, www.smartonlinecourse.co.in

The Insurance Times April 2024 19