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Published by devesh.singh, 2018-05-14 01:39:41

Insurance_Pulse_2018_April_Issue

Insurance_Pulse_2018_April_Issue

MEDIA NEWS & UPDATES CHILD SAFETY
Chairman Mr. O.N.Singh OLA cab users can now Safety Tips for Parents
Interview insure their rides for Rs.1
Page No. 18
Page No. 2 Page No. 13

INSURANCE
Pulse

April 2018 | Volume No: 12



What’s Inside

01 Know Your Insurer- Universal Sompo General Insurance Co. Ltd (Performance
update as on April 2018

02 Views from USGI Management Desk: Chairman Mr O.N. Singh says “Ensuring
Insuring penetration with innovation.”

03 Reader Queries- General Insurance

04 Insurance Regulatory & Development Authority of India (IRDAI) Actions in General
Insurance Industry- (April 2018- Notices/Circulars/Regulations)

05 Government Actions in General Insurance Industry- April 2018

06 News & Updates of General Insurance Industry- April 2018

07 Global Updates on Insurance- (Insurance updates from APAC and Middle East
regions- April 2018)

08 Unlock Life

visit us: www.universalsompo.com

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, approve or control, and are not responsible for any content,
third parties named therein, or their products and services.

AWARDS

Best Customer Service Provider of the Year 2016

Universal Sompo General Insurance was adjudicated the “Customer Service
Provider of the Year” at the 02nd Annual Insurance Summit & Awards 2017,
held in Mumbai on 26th May 2017.

Claim Service Leader – Medium & Small

Universal Sompo General Insurance Co. Ltd was recognized & honored with the
prestigious “The Fintelekt Insurance Awards 2017,”, held in Mumbai on 21 July
2017. The company was bestowed with an award for being a "Claim Service
Leader – Medium & Small" category.

Personal Line Broking Initiative of the Year

Universal Sompo General Insurance being bestowed with BFSI-Personal Line
Broking Initiative of year which were presented by ABP News Channel for an
exemplary work done by the organization in “Extending Insurance bene ts via
Common Service Centers”

Excellence in General Insurance Excellence in General Insurance Excellence in General Insurance
Industry - My FM Stars of the Industry Industry - Quality Brands India Industry - My FM Stars of the Industry

Certi ed under Krishithon 2016 - SKOCH:Top 100 Projects Appreciated by HONDA for India’s Leading BFSI
India’s Premier Agriculture Exposition in India for the year 2016 Supporting & Contribution Company ‘2016

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Know Your Insurer

Universal Sompo Provides Customer Centric Solutions Where We Stand: April 2018

Universal Sompo is a joint venture of Allahabad Bank, Indian ` 105.03 Crore
Overseas Bank, Karnataka Bank Limited, Dabur Investments and
Sompo Japan Nipponkoa Insurance Inc. We are India's rst non- Premium Collection
life general insurance company that has the support and
partnership of credible Public & Private corporate entities from 12.27%
India and Japan.
YoY Growth-April 2018
Drawing upon the nancial strengths and distribution reach of our
Indian partners and backed by insurance expertise of Sompo 65.00%
Japan, Universal Sompo intends to be a diversi ed player,
participating in a healthy competition to augment insurance Claim Settlement
capacity in the country through prudent underwriting, offering Ratio:(settled more than
innovative and customized Risk Solutions to range of customer
segments including Rural and Social sector, utilizing varied 1 lakh claims in FY 2018-19)
Distribution Channels.
137 Products
Understanding that 'Claims Service' is at the heart of an insured-
insurer relationship, our Claims philosophy is to achieve fair and IRDA Approved
timely settlement through proactive management of each claim in Insurance Products
a customer friendly and transparent manner.
86 Branches
Our aim is to help our customers quickly tide over the nancial loss
arising out of uncertain incidence of a covered perils, so that, they USGI Branch Offices
can get back to normal 'Life & Business As Usual'.
24X7 Helpline
“Transparency is a willingness to keep no secrets”
Help line For
Insurance Needs

14 18 Products Offering
Health Motor
137

47 02 16 13 27

Misc.

Commercial Micro POS speci c CSC Speci c Other Retail

Our top priority, we response to any query within in a day as compared to General Insurance industry’s average response time of 10 days.

We are now available 24*7 to assist you on any query, feel free to call us-1-800-22-4030 or 1-800-200-4030 and
Direct 022-27639800/ 022-39133700

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 1
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Chairman Mr O.N. Singh, Chairman-Universal Sompo:
“Ensuring Insuring penetration with innovation.”

Insurance Pulse 2 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 3
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Reader Queries

Queries on Q. I am traveling to Australia for a leisure trip. I intend to use the
Helicopter service provided by them for an aerial view of the city.
General Insurance Will my Travel Insurance cover any untoward incidents caused to me
due to any accident caused by the chopper ride?
—Dinesh Pawar, Chinchpokli

Travel Insurance policy provides coverage against unforeseen mishaps
during your travel and stay abroad. A helicopter tour is fun and
exciting also it offers a spectacular bird's eye view of the wonderful
sights that can be found in your travel destination. Generally Travel
Insurance policy provide coverage for contingencies like medical
emergencies, illness expenses loss of passports etc. and does not
provide coverage for accidents due to adventure activities. For
coverage of leisure activities like Helicopter rides you need to contact
insurance company, based on the terms & conditions of the policy
insurance company will provide coverage for the same. Therefore, you
need to check with your Insurer for coverage against helicopter rides.

Q. I am 67 year old female. I am planning to go for an international
trip with my spouse to Australia. Will I need to undergo a Medical
Check-up before opting for an International Travel Insurance cover?
—Rani Lucas, Curry Road

Travelling is fun but at the same time it can be challenging as well, if
your age is 60 years or above few Insurers may ask for medical test

before issuing the travel insurance policy. In the absence of medical test reports insurance company may provide
restrictive cover on the basis of good health declaration. Therefore, for travelling to foreign destinations such as
Australia, it is always advisable to undergo medical tests for having a compressive coverage for certain unpreventable
circumstances that can cost you money, time and peace of mind during the trip.

Q. Will I get refund on Home Insurance premium for 'Content Insurance' if I move to another at?
—Azad Shinde, Mazgaon

A comprehensive home insurance policy provides protection for the structure as well as contents of your home against
risks such as re, earthquake, burglary etc. it is important to intimate the insurance company about any
changes/modi cation in your home at the earliest, once the policy is purchased. Since you are shifting to another at,
you need to inform the insurance company, the insurer based upon request can accept this modi cation or ask you to
cancel your policy based on the risk feature at your new location. Insurer will refund the premium as per the policy terms
and conditions in case of cancellation of the policy.

Q. My car got damaged by the Garage mechanics where it was undergoing repairs. Will the insurance company pay
for the damages or should I ask the garage to foot the bill?
—Clint Fernandes, Andheri

Motor Insurance Policy covers damages to vehicle against any accidental external means such as re, explosion, riot,
earthquake theft etc. and any bodily injury to or property damage of third party. When the vehicle is undergoing repairs in
the garage premises, garage owner/Garage Mechanic is under the contractual obligation to pay for any damages to
vehicle under his custody. Such contractual liabilities are excluded under the scope of motor insurance policy. During repairs
it is the duty of garage owner/mechanics to take care of your car and can be made liable in a case of damage caused due to
negligence.

Insurance Pulse 4 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Q. I have installed a Storage Box (Fiber Material Box) behind my two wheeler vehicle to store my bike papers and
helmet. Will I need to inform the insurance company about the installation?
—Jasmine Shah, Gaiwadi

Yes, you need to inform the insurance company before modifying your vehicle as it can enhance the risk exposure which
will call for increased premium, so it's best to contact your insurer and then go for any modi cation. As you have
already installed Storage Box it is important to inform the insurance company, also you may have to pay extra premium
due to this installation if asked by your insurer.

Q. I have been of cially transferred to another city by my employer. I hold a Health Insurance policy which was
bought when I was in my home city. Now that I have been shifted temporary, do I need to inform my health insurer?
—Paresh Kumar, Goregaon

If you are shifting to a new city it is advisable to let your insurer know about your new address. Any change in the
permanent or correspondence address should be promptly communicated to your insurer for seamless communication.
Updating new address in your health Insurance policy may have an impact on premium; however it depends on the
Terms & Conditions of your current health policy as your insurer can have premium based on geographical location. You
can inform and request your insurer for updating new address in your current health insurance policy.

Q. I am 67 year old female. I am planning to go for an international
trip with my spouse to Australia. Will I need to undergo a Medical
Check-up before opting for an International Travel Insurance cover?
—Rani Lucas, Curry Road

Travelling is fun but at the same time it can be challenging as well, if
your age is 60 years or above few Insurers may ask for medical test
before issuing the travel insurance policy. In the absence of medical test
reports insurance company may provide restrictive cover on the basis of
good health declaration. Therefore, for travelling to foreign destinations
such as Australia, it is always advisable to undergo medical tests for
having a compressive coverage for certain unpreventable circumstances
that can cost you money, time and peace of mind during the trip.

Q. Is it true that Motor Car Insurance premium is based upon the
colour of the car I own? Does Premium for a Red Colour vehicle sot
more than a White colour of a vehicle?
—Omkar Sharma, Chembur

Insurance companies in India consider various factors while providing
insurance to car such as make of the vehicle, model, year of
manufacturing, capacity of the engine, location at which your vehicle is

registered etc.. Many a times vehicle owner's past records and driving habits are also considered but at present none of
the Indian insurers are considering the vehicles colour during premium computation. Therefore insurance company will
not charge different premium based on the colour of the vehicle.

Q. My father had bought a Personal Accident policy but did not appoint a nominee. My father died in a Road
Accident. How do I claim the entitled money as her daughter?
—Samee Dolas, Marine Drive

Personal Accident Policy provides coverage for accidental death resulting solely and directly from accident caused by

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 5
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

external, violent and visible means. The purpose of making a nomination is to identify the individual to whom the insurer
has to hand over the policy proceeds in case of the policyholder's death. Appointing a nominee ensures legal discharge
of claim proceeds. In case of non-appointment of nominee under the policy, the claim amount will be given to the legal
heir of the deceased or to the individual who holds a valid Succession Certi cate. You can contact insurance company
for making claim under the policy, generally the document required for making claim for death are FIR, Death certi cate
post-mortem report.

Q. I was abroad for four years. Can I revive my lapsed car insurance policy?
– Bibhu Dutt

Car insurance policies, just like other insurance policies, come with a speci c term period within which it covers damages
and other expenses. In order to renew an expired car insurance policy, you can get in touch with the insurance company
as soon as possible. The insurance company will inspect the car and then provide insurance if it deems the vehicle to be

t. You can choose various add on coverages as per your preferences and needs while renewing your policy. On expiry
of your car insurance policy for more than 90 days you will not be entitled for no-claim bonus.

Q. I have got possession of my at in a multi-story building. How-ever, our builder has not taken earthquake
insurance. Will it be helpful if we take it individually?
—Samir Anand

It would be advisable to take home insurance policy if builder has not taken insurance cover, which will protect the at
against re and natural calamities like earthquake, oods, lightening, storm, etc. Usually, earthquake is not included in a
standard home insurance policy. However, insurance companies can provide coverage for earthquakes with an
additional premi-um as an extension to home insurance.

Q. I have got possession of my at in a multi-story building. How-ever, our builder has not taken earthquake
insurance. Will it be helpful if we take it individually?
—Samir Anand

It would be advisable to take home insurance policy if builder has not taken insurance cover, which will protect the at
against re and natural calamities like earthquake, oods, lightening, storm, etc. Usually, earthquake is not included in a
standard home insurance policy. However, insurance companies can provide coverage for earthquakes with an
additional premi-um as an extension to home insurance.

Q. IDo I have to buy home insurance from the bank which is giving home loan?
—Niraj Mohile

No, it is not mandatory to take an insurance while taking a home loan from a bank, it is a cross-selling strategy in order
to provide additional nancial support in case of emergency. It is a prudent nancial step to cover your liabilities with an
insurance plan. Home insurance policies covers both building and contents against various natural calamities, re,
lighting, strike, and also insure for burglary and robbery, jewellery, electronic equipment and many more options.

Q. My insurance company is not sending me the policy document. I paid the premium in cash to an agent. What
should I do?
—A R Narasimhan

Please approach the customer service team of the insurance company to seek the policy documents. Share the details of
the agent along with the documental proof of premium payment and the insurance company will be able to track and
share your policy documents.

Insurance Pulse 6 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.



Insurance Regulatory & Development Authority of India
(IRDAI) Actions in General Insurance Industry

Aadhaar to be submitted within 6 months for new insurance policies :

Even after the Supreme Court extended the deadline to link Aadhaar with
various services, including existing bank accounts, mutual funds and
insurance policies, Aadhaar or Aadhaar enrolment number remains
mandatory for opening a new bank account. At the same time, there are
consumer complaints citing the demand for Aadhaar at points of sale of other

nancial products such as insurance policies and mutual funds.
The Insurance Regulatory and Development Authority of India (Irdai) has
clari ed that though Aadhaar is not compulsorily required at the time of
buying a new insurance policy, the consumer will have to submit it within 6
months. An Irdai circular stated that for new insurance policies, the consumer
is allowed 6 months from the date of commencement of account-based
relationship to submit her Aadhaar number and permanent account number
(PAN) or Form 60 to the insurer. “In absence of Aadhaar, (a) client shall
submit any of the “Of cially Valid Documents” as mentioned in the Prevention
of Money-Laundering (Maintenance of Records) Rules, 2005 (as amended
from time to time),” the regulator stated.

IRDAI asks reinsurers to pass on GST bene t :

The Insurance Regulatory and Development Authority of India
(IRDAI) have asked insurers to duly pass on the bene t of Goods
and Services Tax (GST) to stakeholders.
The GST Council, in January, had exempted reinsurance schemes
from the purview of GST on the condition that the bene t
reduction in premium on such insurance schemes must be passed
on to the bene ciaries and the State and Central exchequers.
“Insurers should avoid any undue enrichment on this account.
They may note that if the bene t on account of reduction in
premium is not passed on to the insured/government, suitable
action will be initiated under Section 171 of the CGST Act,” said
Pravin H Kutumbe, Member, F&I, IRDAI.

Insurance company told to compensate Panchkula resident :

A district consumer disputes redressal forum here has directed an
insurance company to pay compensation and litigation expenses to a
senior citizen for rejecting his claim. The company was directed to pay
Rs 88,800 at 9% per annum interest.

Insurance Pulse 8 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

SC panel wants 3-yr insurance policy for cars, 5-yr policy
for motorbikes at time of sale :

Concerned over poor compliance of third party insurance of
vehicles, which puts all road users at risk, the Supreme Court
Committee on Road Safety has asked the insurance regulator to
offer mandatory three-year insurance policy for cars and ve-
year policy for motorbikes at the time of sale and registration.
Sources in the Insurance Information Bureau (IIB) said only 6.5-
7 crore vehicles had insurance cover against approximately 18
crore registered vehicles. Government of cials said almost 50%
of vehicles plying on roads had no valid insurance and a large
share of them was two-wheelers.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 9
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Government Actions in General Insurance Industry-

April 2018

Modi readies Rs 2 lakh crore social security plan for 50 crore Indians, rollout likely in 3 phases :
The Prime Minister's Of ce (PMO) has given its approval to the labour ministry proposal on universal social security
cover for 500 million workers, including those in the farm sector, seeking to start the process of putting in place a more
secure welfare net a year before the general election.
The nance and labour ministries will work out the details of the scheme that will require nearly Rs 2 lakh crore when
fully rolled out for the lower 40% of the country's total workforce.The remaining 60% of the workforce is expected to
make contributions out of their own pocket, either fully or partially.

Rajasthan: Health Insurance-Frauds get easy as mandatory Aadhaar cheks eased, insurers complain :
Health insurance claims in Rajasthan under the government's Bhamashah Swashthya Bima Yojana have shot up
dramatically, from Rs 7.5 crore in the rst week — the current scheme began on December 13, 2017 — to Rs 20.3
crore in the 17th week, taking the current claims ratio to around 70% already. Based on current trends, the ratio for the
full year could be as high as 120% despite the fact that the premium charged rose 3.4 times since last year. In 2015-
16, the rst year of the scheme, the claims ratio was 90% — claims of Rs 320.7 crore were made against the premium
of Rs 357.4 crore — and this went up to 176% in 2016-17.

Local, global experts likely to be roped in for National Health Scheme :
The government is planning to rope in domain experts from within and
outside the country to ensure a smooth rollout and monitoring of
'Ayushman Bharat', its ambitious health insurance scheme for the poor.
Niti Aayog, the government's premier think tank, will come out with
guidelines for setting up the project monitoring unit (PMU) for Ayushman
Bharat, also known as National Health Protection Scheme (NHPS), an
of cial told on condition of anonymity as the draft RFP (request for
proposal) is still being worked out. The health ministry will then invite
applications for the setting up of PMU.

Modicare faces challenges in reaching out to urban poor :
The government is expecting a challenge in rolling out the National
Health Protection Mission (NHPM) to the urban poor after completing the

rst round of data cleansing earlier this month. Billed as the world's
largest health assurance scheme, NHPM, dubbed Modicare, aims to
provide free health insurance of Rs5 lakh per family to nearly 40% of the
population—more than 100 million poor and vulnerable families based
on Socio Economic Caste Census (SECC).The health ministry is currently
detecting, correcting and deleting inaccurate records from its database
for targeted bene ciaries. While contacting rural bene ciaries to inform
them about their entitlement for NHPS has been strategically planned, the
major task for the government now is nding the actual whereabouts of
urban bene ciaries. “The NHPM is an entitlement-based scheme and the
biggest challenge is to reach out to poor and tell them that they are
entitled for this scheme.”

UHC signi cantly improved access to primary healthcare, says study :
A Universal Health Coverage (UHC) pilot project in three rural bloks of
Tamil Nadu has signi cantly improved access to primary care at the sub-
centre level, according to a study conducted by IIT-Madras. It also
revealed that the UHC pilot brought about a dramatic fall in the overall
dependence on private providers, particularly those seeking care from
private hospitals. It also brought about a substantial fall in the out-of-
pocket expenditure among those seeking OP care from both public and

Insurance Pulse 10 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

private providers, according to a statement.

Pilot project for ESI cover to construction workers in Haryana: Gangwar :
The government plans to launch a pilot project in Haryana to examine the feasibility of providing health cover to
building and other construction workers through Employees' State Insurance Corporation (ESIC), Labour Minister
Santosh Gangwar said.
“We are planning to start a pilot project in Haryana. This will enable us to know about the practical problems while
implementing this programme," Gangwar .
"In order to provide health services, we should bring building and other construction workers in the fold of Employees'
State Insurance (ESIC) scheme," the minister said.
"The employer's contribution to ESI should be paid by states and they le ESI returns instead of employers for these
workers. States can give employers as well as employees' contributions towards ESI out of building and other
construction workers cess collected by them," the minister suggested.

'Health for all' has few takers in rst year :
The grand plans of the state government to provide 'health for all' by bringing above poverty line (APL) families under
a comprehensive health insurance, Arogya Raksha have come a cropper apparently due to the high premium xed for
the policy. The scheme could not attract even 2% of the target group of population in the state even a year after the
launch of the scheme.

Chance for seniors to rethink health covers :
If you are 60-plus in age, the new nancial year promises more tax savings for you. One of the ways to make use of
the additional bene t is to buy a health insurance policy or increase the cover if you already have one. Premiums for a
health insurance policy qualify for tax deduction under section 80D of the Income-tax Act. Till the previous nancial
year, 2017-18, the limit was Rs30,000 for senior citizens, but from this year it is Rs50,000. Also, till FY18, only the
very senior citizens (80 years and above) could claim deduction on account of medical expenditure incurred in the
absence of a health insurance policy. However, from this year, the same option is extended to senior citizens as well.

Use tech for timely payment of crop insurance claims: Centre to states :
The Centre has asked the state governments to use latest technology to ensure timely settlement of this year's insurance
claims under the Pradhan Mantri Fasal Bima Yojana (PMFBY), a senior Agriculture Ministry of cial said.
In the current 2017-18 crop year (July-June), a sum of Rs 19,163.48 crore has been insured by 4.79 crore farmers
under the PMFBY. The ministry is still calculating the claims.
"With the use of technology, the time to settle claims has reduced to some extent to within two months after receipt of
crop yield data from the state governments. However, to ensure timely settlement of claims, we have asked states to
adopt all new technology features," the of cial said.

Less than 2% Himachal farmers opted for crop insurance: CAG :
Less than two per cent of farmers in Himachal Pradesh, which has 90 per cent of its population in rural areas, were
covered under the crop insurance scheme in three years, the Comptroller and Auditor General of India (CAG) has said.
Similarly, close to 14 per cent farmers opted for the weather-linked insurance scheme between 2014 to 2017.
Farmers ranging between 1.71 and 1.72 per cent for Kharif season (March) and 1.01 and 1.68 per cent for Rabi
season (September) were covered under the National Agricultural Insurance Scheme from 2014 to 2016, which
indicated that the coverage was very low.

Why this RSS wing is against the Centre's crop insurance plan?
The Bharatiya Kisan Sangh (BKS), the farmer arm of the RSS, has upped the ante against the Centre over compulsory
crop insurance scheme PMFBY, terming it unjust and arbitrary.
In its public interest litigation (PIL) led with the Gujarat High Court, the BKS sought the quashing of Clause 2 of the
Pradhan Mantri Fasal Bima Yojana, which makes crop insurance mandatory for farmers, besides seeking amendments
to make the scheme more transparent and farmer-oriented.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 11
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

News & Updates of General Insurance Industry

April 2018

Home

Health Motor

Two Wheeler Travel

One can use multiple health insurance covers for single claim :
It's always advisable to have a separate health insurance policy apart from the cover provided by your employer.
First you may change your job and the new employer may not provide you with the same bene ts, or the health
insurance cover provided by the employer may be very little. An individual plan ensures you are suf ciently insured
even when you are in and out of jobs, and in case your of ce policy is not enough.
The good thing is the rules allow you to use the second policy if you exhaust the cover in the previous one.
Suppose you have two health policies—basic indemnity plans that pay for hospitalization—one with a sum insured
of Rs1 lakh and the other with a sum insured of Rs2 lakh. In case your bill comes to Rs2.5 lakh, you can exhaust the
policy with a sum insured of Rs2 lakh and use the other one to pay the difference of Rs50,000. You can choose the
policy you want to make a claim.

Motor insurance: How fuel type impacts car insurance premium :
One will have to pay an additional Rs 60 to insure third-party liabilities as per Indian Motor Tariff, whereas the increase in
own damage premium varies from insurer to insurer and this could be 4% of the value of your CNG kit.

Man loses insurance claim for 'carelessness' :
Parking his scooter and forgetting the key not only cost a Bengaluru man his vehicle — which was stolen — but also
his insurance claim for “careless behaviour”. A city consumer court recently upheld the decision of the insurance rm
by stating that “negligent behaviour does not deserve money.”
The verdict was delivered by the Bangalore Urban second additional district consumer disputes redressal forum on
April 5 after hearing the case of M Mahesh from Malleswaram for more than two years.

How travel insurance protects against sudden medical expenses abroad :
Indians today are travelling far and wide more frequently than they ever did in the past. Though outbound tourism from
India has surged, not many people even today have recognised the need for travel insurance.
It is observed that most of the travellers do not opt for a travel insurance unless it is made compulsory as visa requirement
e.g. in the Schengen countries. Therefore, most of the travellers have no 'Plan B' if anything was to go wrong in their much
awaited trips. Travel insurance offers a cover for a lot of trip related contingencies like loss of passport, trip cancellation
and interruption, trip delay, missed ight connection etc.
A major highlight of the travel insurance is that it safeguards one against unforeseen medical contingencies that might

Insurance Pulse 12 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

happen while you are on your trip. Medical emergencies in a foreign land can not only disrupt the well planned trip but
also burn a big hole in one's pocket, not to mention the distress of nding a trustworthy facility in a foreign land and
managing everything all alone.

CM: Free insurance cover, relief scheme for traders-Rohtak :
Chief Minister Manohar Lal Khattar has announced several sops for traders, including a free-of-cost accidental insurance
cover, a scheme to compensate traders for the loss of stock or building, ownership right for legally occupied shops and
rebate on collector rate for the registry of shops.

HIGHLIGHTS : OLA CAB USERS CAN NOW INSURE THEIR RIDES FOR AS LOW AS RS.1

The next time you are hiring an Ola cab, you may be able
to insure your ride for as low as Re1. Cab aggregator Ola
(ANI Technologies Pvt. Ltd) recently announced tie-up
private general insurance companies to provide in-trip
insurance to its customers.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 13
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Global Updates on Insurance

BANGLADESH

Govt set to adopt US$76-mln project to strengthen insurance sector :
The government is set to take up a BDT6.32 billion (US$76 million) project to upgrade insurance
regulation with the view to developing Bangladesh's insurance sector. Of the total project cost, the
World Bank will provide BDT5.13 billion or around 80%.
The development objective of the Insurance Sector Development Project for Bangladesh is to
strengthen the institutional capacity of the regulator and state owned insurance corporations and
increases the coverage of insurance in Bangladesh.

CHINA

Insurance is key to growth of sharing economy :
The introduction of business insurance protection will allow sharing economy platforms in China to
ourish, according to industry specialists.
Since assets in the sharing economy are fragmented—as they are owned and shared among various
parties—many sharing economy platforms in China are considering whether or not to provide
business insurance solutions for their services so that consumers can feel more con dent in adopting
sharing services. One example is the bicycle-sharing industry.

Prospects to surge for mid-range health insurance market :
China's mid-range medical insurance market is huge, with its value expected to reach CNY20 billion
(US$3.18 billion) this year and CNY80 billion by 2020,
The market for mid-range medical insurance from 2015 to 2017 expanded from CNY500 million to
CNY8 billion said sources in daily newspaper.

HONGKONG

Non-life business potential yet to be extensively tapped :
Hong Kong can do more to expand non-life insurance business, such as offering services across
borders and help companies mitigate risks in Belt and Road countries, says Asia Insurance .
“It's not healthy that non-life insurance premium accounts for only around 10% of the total insurance
premium in Hong Kong. An international nancial centre should be able to offer a wide range of life
and non-life insurance products,"

Insurance Pulse 14 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

HONGKONG

Insurance body uses block chain to set up online motor platform :
The Hong Kong Federation of Insurers (HKFI) is in the process of creating an e-platform on block chain
that would record and track data related to motor insurance in the territory.
In this connection, at the HKFI's annual reception, the Secretary of Financial Services and the Treasury
Bureau, Mr James Lau, said that the use of block chain technology will give a great boost to Hong
Kong's motor insurance industry.

INDONESIA

European insurance association highlights restrictions in Indon market :
Insurance Europe, the European federation representing insurers and reinsurers, has expressed its
strong concerns over restrictions on market access and trade barriers faced by foreign insurance
players in Indonesia.
Insurance Europe, in a recently published factsheet, cites the following arguments to back up its
assertions.

NEPAL

Minister calls for liability insurance to cover electrical incidents :
Third pary liability insurance can be helpful in minimising nancial losses resulting from electrical
accidents, Minister for Energy, Water Resources and Irrigation (MoWERI), Barshaman Pun, has said.
His statement followed an increasing number of injuries and casualties from electrical accidents in
recent years.
He, however, did not mention who would cover the cost of the insurance.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 15
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

NEW ZEALAND

Majority keen on mandatory motor insurance :
The majority of Kiwis support compulsory third party insurance according to a new survey by
insurance company.
The company's general manager said: "Around three quarters of the Kiwis we asked, felt that third
party insurance should be compulsory."
These are the same results as we saw last year. The feeling is stronger again amongst baby boomers
with a response rate of 87%, that's nearly nine out of 10 people in that generation."
The survey asked 1,932 New Zealand drivers if they were in favour of mandatory insurance.
Currently there is no law requiring drivers to have any insurance.

PHILIPPINES

Philippine Insurance Watchdog Warns over Cryptocurrency Investments :
The Philippines' Insurance Commission has warned insurers, pre-need companies, health
maintenance organizations (HMOs), mutual bene t associations, brokerages and agencies, as well
as the public about the risks of engaging in digital currency transactions, particularly when used as an
investment vehicle.
In an advisory notice, Insurance Commissioner said his of ce “does not, directly or indirectly,
recognize crypto currencies as a viable investment or a medium of exchange involving any and all
insurance, preneed or HMO-related transactions.”

Regulator builds health insurance database :
The Insurance Commission (IC) is conducting a comprehensive study of the health insurance industry
as part of preparations for the enactment of a law that will regulate the operations of health
maintenance organisations (HMOs) in the country.
“We are now doing our own study on health insurance. It seems that the IC never collected any data
on health insurance, so we have no ready data on health insurance. Our study is still ongoing,”
Insurance Commissioner Dennis said.

Insurance Pulse 16 News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

THAILAND

Insurance sector urged to prepare for international assessment programme :
The insurance regulator, the Of ce of the Insurance Commission (OIC), is urging insurers to prepare
for a new international assessment scheme that is scheduled to be adopted around the end of this
year.
The new programme will require insurance intermediaries to be licensed and have information
disclosure policies, the ability to conduct business ethically and a process to handle customer
complaints, said Mr Suthipol Taweechaikarn, the OIC's secretary-general.

TAIWAN

Regulator to impose more controls on insurers with large FX losses :
Taiwan's nancial watchdog has said that it will impose tighter controls over insurers with large
foreign exchange losses.
Financial Supervisory Commission (FSC) Chairman told a parliamentary meeting that overseas
investments of Taiwan's insurance companies account for 65% of total investment.
In addition, FSC chairman said that stress tests have been conducted on insurance companies which
have a relatively high proportion of overseas investments.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 17
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

Unlock Life

IMPORTANCE OF CHILD SAFETY

Safety Tips for Parents

Every parent should know and follow the following safety tips. Please take the time to read and share this
information with your children.

TAKE RESPONSIBILITY: Protect from Stranger
Know where your children are at all times. Be familiar with their friends and Keep Emergency Contact
daily activities.
Take Responsibility
BUILD SELF-ESTEEM:
A child who has low self-esteem cannot protect himself/herself. Listen
carefully to your children's fears, and be supportive in all your discussions
with them, replacing fear with knowledge.

TEACH DECISION-MAKING:
Children at all ages can make decisions. Practice early with little decisions so
big decisions later are easier. Teach them to trust their own feelings, and
assure them they have the right to say NO to what they sense is wrong.

BUILD SUPPORT SYSTEMS:
Children need positive adult role models and need to know where to go for
help.

CHOOSE SUBSTITUTE CARE GIVERS CAREFULLY:
Interview and monitor babysitters, group leaders, youth pastors, etc. Be alert
to a teenager or adult who is paying an unusual amount of attention to your
children or giving them inappropriate or expensive gifts.

PROTECT KIDS WHO ARE HOME ALONE:
Set ground rules, emergency contacts, and responsibilities for latchkey kids.

TALK WITH CHILDREN:
Teach your children that no one should approach them or touch them in a
way that makes them feel uncomfortable. If someone does, they should tell
their parents immediately.

USE ROLE-PLAYING:
Rehearse safety situations with your child. Give them power through
knowledge. Play the WHAT IF? game.

LET KIDS BE KIDS:
Teach them what they will need to know to be safe and let them know you will
do your best to protect them. Don't scare the fun out of children.

Insurance Pulse 18 Date Source: www.missingkids.com / www.stopitnow.com
·
·News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse,

approve or control, and are not responsible for any content, third parties named therein, or their products and services.



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