Page 8 - The Insurance Times December 2024

an 80% year-on-year growth com- The collaboration has significantly and MSME insurance. With 92% of its
pared to Rs. 45 crore during the same boosted operational efficiency, acceler- GWP coming from motor insurance,
period last fiscal. ated processes, and improved cus- SGI also settled 102,449 claims in H1
The company reported a gross pre- tomer satisfaction. This initiative un- FY2024-25, compared to 86,708 in the
mium income of Rs. 7,876 crore in the derscores ICICI Lombard's dedication same period last year.
first half of the current fiscal, slightly to providing seamless, customer-cen-
down from Rs. 8,387 crore in the cor- tric experiences while maintaining its Airlines and Insurers May
responding period last year. NICL at- position as a leader in innovation. Revise Disruption Policies
tributed the 6% decline to a significant
shift in renewals to the subsequent Amid Bomb Threats
quarter. Despite the dip, the insurer Shriram General Insurance The recent surge in bomb threats tar-
continues to focus on profitable Posts 17% Net Profit geting Indian airlines has prompted
growth, aligning with its long-term discussions between airline executives
objectives. Growth and insurers about revising disruption
Shriram General Insurance Company coverage in aviation policies. Currently,
ICICI Lombard and Arya.ai (SGI) reported a 17% year-on-year in- airline insurance policies cover loss or

Revolutionize Insurance crease in net profit, reaching ?140 damage to aircraft, passenger liability,
crore for Q2 FY2024-25. The
Automation company's gross written premium and third-party claims, but do not typi-
cally include bomb hoaxes.
ICICI Lombard, a leading private-sector (GWP) for the quarter grew by 15%,
general insurer in India, has joined rising from Rs. 750 crore to ?861 crore. Over the past week, nearly 100 flights
forces with Arya.ai, a frontrunner in AI- For the first half of FY2024-25, SGI's operated by Indian carriers faced
driven enterprise solutions, to enhance net profit stood at Rs. 254 crore, up bomb threats, leading to flight diver-
its operations through Arya Apex, an sions and operational disruptions. A
advanced AI API platform. This part- from Rs. 217 crore in the prior year. single bomb hoax can cost an airline up
nership has achieved an impressive The GWP for this period surged by to Rs. 3 crore, highlighting the finan-
98% workflow automation, reducing 22%, significantly outpacing the gen- cial impact of such incidents.
manual quality checks to a mere 2%, eral insurance industry's growth rate of TATA AIG acknowledged the need to
and has set a new industry benchmark 7%. Anil Aggarwal, MD & CEO of SGI,
by implementing the solution across attributed the growth to the reassess coverage for bomb hoax-re-
systems in a record time of three company's focus on customer-centric lated disruptions as such events be-
months. solutions and expansion into health come more frequent. An aviation insur-
ance consultant noted that these were
once rare occurrences but may require
Non-Life Insurers Report 28% Growth in October dedicated coverage in the future.

Premiums
Non-life insurers in India recorded a 27.53% year-on-year growth in premi- ICICI Lombard to Invest Rs.
ums in October, supported by a recovery in motor sales and robust perfor- 5 Crore in Bima Sugam
mance in standalone health and multi-line insurance segments. General in- ICICI Lombard General Insurance Com-
surers collected Rs. 25,396.68 crore in premiums, reflecting a 23% increase
compared to the previous year. pany has approved an investment of Rs.
5 crore as its contribution as a non-life
State-owned insurers demonstrated mixed results, with National Insurance insurer to the equity share capital of
reporting a remarkable 156.70% growth to Rs. 2,488.12 crore, while United Bima Sugam India Federation (Bima
India Insurance and Oriental Insurance grew by 2.44% and 11.6%, respec- Sugam). This investment will form part
tively. Among private insurers, Bajaj Allianz General Insurance reported over
of the aggregate investment, which
100% growth to Rs. 3,859.72 crore, while HDFC Ergo saw a 10.39% decline.
will not exceed 10% of Bima Sugam's
The Insurance Regulatory and Development Authority of India (IRDAI) in- paid-up equity share capital, contin-
troduced a new reporting format for premiums effective October 1, 2024, gent upon a corresponding increase in
requiring companies to adopt the 1/N method for long-term premiums. This the authorized share capital of Bima
shift has resulted in some variance in reported figures among insurers.
Sugam.
8 December 2024 The Insurance Times