Page 7 - The Insurance Times December 2024

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Tier 2 and 3 Cities Propel Growth in Motor Insurance International Flyers to Re-
The rise in private consumption in India has positioned tier 2 and 3 cities as ceive Higher Compensa-
key drivers of growth in the motor insurance segment. Increasing vehicle tion from December 28
ownership and heightened awareness of insurance have fueled this expan- The International Civil Aviation Orga-
sion, according to a report by InsurTech platform Turtlemint. These cities nization (ICAO) has announced signifi-
accounted for over 90% of motor insurance policies sold and the premium cant revisions to compensation limits
volume during the festive season this year.
for international air travel, including
Turtlemint reported issuing over 4 lakh motor insurance policies through its flights to and from India. Starting De-
extensive network of advisors, marking nearly double the sales compared cember 28, airlines will offer higher
to the same period last year. Between August and October, motor insur- compensation for cases involving
ance premiums saw a 2.3-fold increase compared to the previous year. Jaipur death, injury, delays, or baggage and
recorded an impressive 191% growth in premiums, while Indore and Lucknow cargo issues under the Montreal Con-
witnessed 31% and 15% growth, respectively. vention.

Dhirendra Mahyavanshi, Co-founder and CEO of Turtlemint, highlighted the The upper limit for compensation in
significance of motor insurance in India's rapidly expanding insurance sec- cases of death has increased from
tor, noting an 85% year-on-year growth in their motor policy sales. The 1,28,821 Special Drawing Rights (SDR)
festive season, characterized by record vehicle sales driven by discounts and to 1,51,880 SDR, equivalent to a rise
offers, has contributed significantly to this surge. Turtlemint sees this as an from Rs. 1.4 crore to Rs. 1.7 crore. This
opportune moment for stakeholders to tap into the growing demand for adjustment is part of the Convention's
motor insurance. five-year inflation review mechanism.
ICAO has urged member countries, in-
cluding India, which ratified the Con-
Liberty General Insurance Jayesh Khatri, President and Head of vention in 2009, to implement the new
Retail Distribution and Marketing at
Supports MSMEs with Cus- Liberty General Insurance, emphasized provisions by the end of December.
tomized Solutions that integrating insurance into Currently applicable in 140 countries,
the Montreal Convention establishes
Liberty General Insurance has joined Profectus Capital's financial services liability limits for airlines to protect
hands with Profectus Capital to offer enhances the resilience of these enter- passengers and their belongings.
tailored insurance solutions to India's prises.
micro, small, and medium enterprises By safeguarding businesses, employ- NICL Reports Rs. 81 Crore
(MSMEs). This partnership aims to pro- ees, and dependents against disrup-
vide MSMEs with better access to fi- tions, this initiative seeks to foster Net Profit in Q2
nancial protection, enabling them to sustainable growth for MSMEs National Insurance Company Limited
mitigate risks and maintain opera- and strengthen their financial frame- (NICL) announced a net profit of ?81
tional stability. work. crore for Q2 of FY2024-25, reflecting

The Insurance Times December 2024 7