Insurance Pulse_September_2017

CELEBRATION AAROGYAM INSURANCE UPDATE

USGI Celebrated World A New Portal launched by Insurance cover for
Heart Day all over the USGI-that avails discount aided, unaided school
branches across India teachers
Page no 5
Page no 2 Page no 15

INSURANCE
Pulse

September 2017 Volume No: 6



What’s Inside

01 Know Your Insurer- Universal Sompo General Insurance Co. Ltd (Performance
update as on September Financial Year 2017-18)

02 Universal Sompo celebrated World Heart Day all over the USGI branches across
India

03 Universal Sompo: Moments of Togetherness

04 AAROGYAM- A new portal launched by USGI that avails discounts Health check-
Ups, Medicines, OPD & Pathology Services.

05 Policyholder Awareness- (New initiative to aware USGI customers by publishing
some real time queries)

06 Insurance Regulatory & Development Authority of India (IRDAI) Actions in General
Insurance Industry- (September 2017- Notices/Circulars/Regulations)

07 Government Actions in General Insurance Industry- (All about government and
insurance- September 2017)

08 Regular Updates for General Insurance Industry- (news that made to read it with
tea- September 2017)

09 Around the world General Insurance Industry- (Insurance updates arrives from
APAC and Middle East regions- September 2017)

10 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.

USGI PRODUCTS LAUNCHED UNDER

Common Service Center(CSC) Platform

ICnsoumrapnlectee Healthcare Domestic Travel InsurancePIenbodfdxpdoooleoaipurridctaahofrceyriti.lcevhennyoircCpsfgdowtmehaorietrnsahtivsemrtjevehipucafioerirpoennktldyirfrecroe,osaeruRonpridtlrsoeainereoiopdctsermefnubskdodto,tnbeharfnerllaeIoiigHganscnvsIseslenogs,uonlesmalrarfcuisdecanyergsIclignenasuimecedddtcBeiaw,eeihopua.sndinreaIethttighrascasoialantlnoaoloonstldrnrosedysl,

FAvlaoamvcanHarroedOtieieoedmllaruanaiacpbSstelailulrotsevlehmon.aShecsltIuexaBnotuhpenosrpneeusetadhinrvedessoeIdroedIunnselaotusd-pdnviputinlaievaarsociieatdnlupniarerusnobvrnalcieflictetlocdehe.yrcsaa.i.hcntnTcaBodhorraamegevsFeeiiChemcasrosoimbPsnmapluiwgalpniyrtndailset1elhte3 etc.

IHnsousrpaintacleCash Individual Health InsuranceAhaCIelnglorneivenseapsdrsnoisvaduiHsds/euoao,asnrdplAedimtpaedaepldiynseoadcnnotedi.ovneWentnrctEihhptxhiiamlpdwresreeeinndnlstfese/usruhpanwentdroigstehee2rl3fotshaifxyendediPcasrochriltosiiisccuo/yanf.lt
features.
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Senior Health Insurance PolicyShpaeirmntotirstoaeercclfttC/iivoihetniezdwreissniecthlofwusahinnxotdcferihsiaitistacu/abrheloeI.vlrlenspe6so0suasyese.aaCnrosavodefdrsaoHgnee.aAflotnhrdIncaosluvsreoarwinncigteh

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 Where We Stand: September 2017

Provides Customer Centric Solutions ` 704.92 Crore

Universal Sompo is a joint venture of Allahabad Bank, Indian Premium Collection
Overseas Bank, Karnataka Bank Limited, Dabur Investments and
Sompo Japan Nipponkoa Insurance Inc. We are India's rst 29.49%
non-life general insurance company that has the support and
partnership of credible Public & Private corporate entities from YoY Growth-Sept 2017
India and Japan.
92.00%
Drawing upon the nancial strengths and distribution reach of
Indian partners and backed by insurance expertise of Sompo Claim Settlement
Japan, Universal Sompo intends to be a diversi ed player, Ratio:(settled more than
participating in healthy competition to augment insurance
capacity in the country through prudent underwriting, offering 1 lac claims in FY 2016-17)
innovative and customized Risk Solutions to range of customer
segments including Rural and Social sector, utilizing varied 135 Products
Distribution channels.
IRDA Approved
Understanding that ‘Claims Service’ is at the heart of an insured- Insurance Products
insurer relationship, our Claims philosophy is to 'to achieve fair
and timely settlement through proactive management of each 86 Branches
claim in a customer friendly and transparent manner.
'Our aim is to help our customers quickly tide over the nancial USGI Branch Offices
loss arising out of the incidence of a covered peril so that they 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 offerings 13 27
Health Motor
Total USGIC Offerings — 135
47 02 14

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.

Universal Sompo celebrated World Heart Day all over
the USGI branches across india

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.

We at Universal Sompo General Insurance Co.Ltd. celebrated World Heart Day on 29th September’17 in all our
branches across india.

The celebration intended to spread awareness about heart disease and stroke prevention. Moreover Apple was placed
on each employee desk with a message “An apple a day keeps the doctor away.”

All of ces of USGI branches took part in this noble initiative to spread awareness about Heart Ailments & preventive
steps to take care of our Heart.
The USGI H.O and Policy Processing Of ces was decorated with health balloon and sel e booth was created with the
Message Board of Prevention of Heart Diseases.

In the past decades, heart diseases used to affect only the aged but, a large chunk of the world population deals with
chronic heart diseases at a very young now. Heart diseases are the leading cause for deaths in the world. This calls
for action. By action, we do not recommend regular check-ups with the doctor and medical assistance when you can
do the same with some alterations in your lifestyle.

World Heart Day 2017: Some Top Tips For A Heart Friendly Diet
World Heart Day 2017, we recommend these tips for a heart friendly diet. It's what you need for a healthy heart:

1. Give up smoking 2. Manage your weight

To begin with, you need to give up this habit. It is the rst and Yes we mean weight management, not weight loss. A
best thing you can do for your heart. It is one of the major healthy heart needs a balanced diet, with low sugar content
reasons for coronary heart disease. After a year of quitting, and high bre and nutrition. Regular physical activities
your risk of heart attack falls by 50%. contribute in making situations better. With the help of a BMI
calculator, you can determine if you are overweight or not.

3. Stick to healthy fats 4. Cut down on salt

Heart health does not depend on how much fat you Salt is responsible for a high blood pressure. It is important
consume, but on the type of fats. Cut down on saturated and for you to limit your use of salt. Yes food cannot be eaten
unhealthy fats. They spike cholesterol levels and harm your without a certain amount of salt. Over time, you develop a
heart, risking heart attacks and strokes. Healthy heart needs taste for foods with low salt content. Adults should not have
fats like omega 3, nuts, seeds, olive oil, salmon and plant- more than six grams of salt in a day.
based oils.

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.

Universal Sompo: Moments of Togetherness

In the last 3-4 months or so, the company has initiated a host of Employee Engagement activities which
intended to bring us more closer to our co-workers and appreciate each-others capabilities, as well
as, give out a message to the outside world about the company being responsible to the societal issues
related to Health and Social responsibilities.

To see and bear maximum participation from all employees of Universal Sompo across branches was
very heartening to make these below activities a grand success.

“I Appreciate” sticker activity On 10th July 2017, the day being a Monday, could not have
been better and an inspiring day; when colleagues across
branches were buys exchanging I Appreciate cards with each
other to acknowledge the support and guidance provided by
their co-workers in making the work environment conducive
towards a healthy professional space. All the branches of
Universal Sompo General Insurance were provided with Soft-
Board Stickers, which enabled employees to pen down a line
or two; for their co-worker who they wished to appreciate for
sharing time and support in their daily work activities at the
workplace. The uniqueness of this activity was that, it enabled
the Junior most employee to express his appreciation for his
Senior colleague from his/her own department as well as
other functions and also other geographies. Cards were
physically exchanged between co-workers as well as Scanned
and shared with other workers outside the geographical areas
through emails and What’s App. Most of the USGI branches
ensured that the I Appreciate note on the stickers were shared
with the Housekeeping Staff who are the hidden heroes in
ensuring that the branch remain functional and enabling a
healthy and hygienic work surroundings. Around 44
branches of Universal Sompo shared with us moments of
exchanging of I Appreciate cards. Pictures of these moments
have been uploaded on the Corporate Communication tab on
the Intranet Homepage under Universal Moments. Kindly
relive those memories and continue to Appreciate each-other
on a daily basis.

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.

AAROGYAM- A new portal launched by USGI that

avails discounts Health check-Ups, Medicines, OPD

& Pathology Services

Health is the heart of economic, political and social prosperity of a nation. As an initiative towards the common goal of
individual wellbeing, Universal Sompo General Insurance Company presents –”Aarogyam”, for evolving health needs
of customers.
Aarogyam is the initiative to provide easy access to healthcare services in form of discounts and special offers to
customer you, offered by independent service providers like Diagnostic Centres, Pharmacy & Dental Consultations &
procedures.
Just ash your USGI Health Card at the respective centres which have partnered with USGI & avail special offers.

Pathology Services Medicines
OPD Services Dental Care
Health Checkup FMCG Products

"The discounts rebates/services are being solely offered and provided by Independent Providers [hereinafter referred to as "Service Providers"]. It is at the will of the customer to avail the goods/services and at the discretion of Independent
Provider to provide the same, to the health card holders of Universal Sompo General Insurance Company Limited on direct payment to the service provider by cash or card. The usage of such goods/services shall be independent to the
contract of insurance between the customer and Company. Offers can be withdrawn by Service Provider without any prior intimation to health card holders of USGICL. Company does not represent, assure or endorse the accuracy,

completeness or reliability of the services provided by Service Provider and hence shall not be in any way liable or responsible for any losses/sufferings, if any, incurred by any of the card holders of USGICL. For any disagreement or dispute
of goods/services, Universal Sompo General Insurance Company Limited shall not be liable and not be ask to intervene, mediate or resolve such disputes or disagreements. Any claim for reimbursement of any amount of whatsoever name for

discounts/rebates or otherwise shall not be entertained by Company. Reliance upon the services of Service Provider may be taken by Card holder of Company after careful decision and same shall be at their sole decision and Universal
Sompo General Insurance Company Limited is not in any way responsible/ liable for the services/rebate/discounts etc."

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.

Hum Hai, Gam Hai.
Toh Kya

24X7 Road Assistance Daily Cash Allowance
Depreciation Waiver Immediate Hospitalization

www.universalsompo.com Toll Free No. 1800 22 4030

A joint venture of Allahabad Bank Indian Overseas Bank Karnataka Bank Ltd. Dabur Investment Corp Sompo Japan Nipponkoa Insurance Inc.

Eng/Motor/NL/2017 | IRDA Regd. No. 134 | Regd. Office : Unit No. 401, 4th Floor, Sangam Complex, 127, Andheri Kurla Road, Andheri (E), Mumbai – 400059, Maharashtra.|Fax# 022-
29211844 |CIN# U66010MH2007PLC166770.|UIN# IRDA/NL/F&U/USGI/Motor/ Add - On/1; IRDA/USGI/2007-08/05. | Email: [email protected]. | Insurance is the
subject matter of solicitation. | For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. IRDA or its officials do not involve in activities like
sale of any kind of insurance or financial products nor invest premiums. IRDA does not announce any bonus; Those receiving such phone calls are requested to lodge a police complaint along with
details of phone call and number.

Policyholder Awareness

We are taking an initiative from this year to educate & empower our customer on General Insurance Industry.
To bring more transparent relationship with the insured, we will provide you queries asked by new/ existing
policyholder in our monthly magazine which have been answered by subject expert in Universal Sompo.

We are inviting you to join the forum, ask your queries/ concerns and share your experience with us which will
recognize in our successive magazine issue.

** Queries that answered on real -time basis, we are not disclosing any client information as per our company
policy.

Health Insurance Is there a list of pre-existing diseases which are approved by the
regulator for customers to understand the disease exclusion?
queries
As per the insurance regulator IRDAI, Pre-Existing Disease means any
condition, ailment or injury or related condition(s) for which there were
signs or symptoms, and / or were diagnosed, and / or for which
medical advice / treatment was received within 48 months prior to the

rst policy issued by the insurer and renewed continuously thereafter.
Any such list is not approved or published by the regulator as far as
pre-existing diseases are concerned.

Is there a Health Insurance product in the
market which will cover my niece who is
staying with us under a Family Floater
plan?

In a Health insurance policy, under the
family oater cover, the coverage is
provided for self, spouse, dependent
children and some policies also covers
dependent parents. However, for
covering a relation like 'niece', you can
opt for an individual health cover,
wherein you can be the proposer.

What happens to the policy coverage after a claim is What is Domiciliary Hospitalization?
led?
Domiciliary Hospitalization means medical treatment for
After a claim is led and settled, the policy coverage is a period exceeding three days for such
reduced by the amount that has been paid out on illness/disease/injury which in the normal course would
settlement. For Example: In January you start a policy with a require care and treatment at a Hospital/Nursing Home
coverage of Rs 5 Lakh for the year. In April, you make a but actually taken whilst con ned at home in India under
claim of Rs 2 lakh. The coverage available to you for the any of the following circumstances, namely:
May to December will be the balance of Rs.3 lakh. i) The condition of the patient is such that he/she cannot
be removed to the Hospital/Nursing Home or
ii) The patient cannot be removed to Hospital/Nursing
Home for lack of accommodation therein.

News and media in the magazine are sourced from different sites and are meant for convenience only. We do not endorse, Insurance Pulse 7
approve or control, and are not responsible for any content, third parties named therein, or their products and services.

What is the difference between a standalone Dengue CREATE HEALTHY HABITS
Cover and a Health insurance policy? Will my health NOT RESTRICTIONS
insurance policy not cover me from Dengue illness?
company will pass the endorsement and give a copy of
At present, concept of disease speci c insurance products same to you.
has evolved, in view of speci c needs of customers and Kindly remember to send same to your TPA also so that they
increased interest in bene ts customized in addition to the can incorporate same in their records.
basic health cover. Insurance companies are now offering
niche cover for diseases like Diabetes, Hypertension, We are expecting our rst baby this month. Can I opt for a
Dengue etc, which exclusively covers the medical expenses Top-up health plan for my wife and claim reimbursement
incurred for the treatment of these diseases. The advantage for any medical expenses over and above the group plan
of buying disease speci c products can be, they cover the which she is provided by her employer?
medical expenses at any stage of the disease, without any
speci c waiting periods (sometimes pre-existing illnesses Generally all companies exclude Maternity Expense
are also covered) and it caters the very speci c needs of the treatments, arising from or traceable to pregnancy,
insured person with reasonable premiums. miscarriage, abortion or complications except abdominal
operation for extra uterine pregnancy (Ectopic Pregnancy),
Is there any time limit to le for a Critical Illness claim for a which is proved by submission of Ultra Sonographic Report
policy that provides coverage on diagnosis of the critical and Certi cation by Gynecologist, that it is life threatening
illness? if left untreated, in their top up policies. Therefore it will be
considerably dif cult for you to nd such a Top-up policy
In case of any event leading to a claim under a Critical that covers maternity for your expected rst baby without
Illness policy, the insured person must provide intimation to any waiting period. It is advisable to con rm from your
the insurance company immediately through various employer too that if you have exhausted the waiting period
modes like email/telephone/fax/in person or may be via for maternity coverage under your employer's provided
letter or any other suitable mode within 30 days of the group plan which is generally 3 years, if provided.
aforesaid Illness/ condition/ surgical event. The insured
customer needs to also submit documents like the identity
proof, dully lled claim form, copy of hospital summary /
Discharge card / treatment advise / medical reference,
Copy of Medical reports / records, Copy of Investigation
reports, Doctor's certi cate & any other relevant document
as requested by the Insurance company for the processing
of a Critical Illness Claim.

What is the procedure for change of address for
medical insurance?

One can change the address by giving a request letter to
the insurance company on plain paper and the insurance

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.

Motor Insurance Will a comprehensive two wheeler policy
provide personal accident coverage to
queries pillion rider? Is it restricted to the rider
only?

A pillion rider for a two wheeler vehicle can
be covered for Personal Accident cover,
provided an additional premium is paid
while opting for a comprehensive two
wheeler insurance

I will be soon starting my own business of
delivering home-made chocolates &
confectioneries. I will be hiring a driver to
use my personal car for delivery of
customer orders as well as for my personal
usage. Do I need to inform my insurance
company about the usage of my vehicle?

“Leave Sooner, Drive Slower, Live Longer”. As per the regulatory guidelines, insurance
premium varies for vehicles used for
commercial / business purposes,
irrespective it the vehicle is manufactured
for private usage. It is imperative to inform
the insurance company about the purpose
of your vehicle usage, to avoid claim
repudiation in the future on grounds of
misrepresentation of facts.

My of ce has transferred me to another state for of Basel IV will invariably results in increased vehicle cost
professional commitments. My car has been registered due to the improved technology & higher fuel prices.
with the old location. What if I make a claim on my car However, for vehicles which are Basel III compliant and
in the new geography, will the insurance company are due for insurance renewals, the new directive would
honour my claim or repudiate the same citing not impact the premium cost. However, there might be
registration reason? slight increase in premiums for vehicles which are Basel
IV compliant.
Irrespective of the geography, an insurance company is
bound to honour your motor claim arising out of an Is it necessary to always carry a physical hard copy of
accident caused anywhere across the country. Though it your bike insurance?
is advisable to intimate your insurance company about
your transfer to a new location for their record No the certi cate of insurance provided by your insurer
maintenance. will suf ce for third party liability purposes. For own
damage claims, in some cases, insurer or network
My car insurance renewal is due. My car is Basel III garage may ask for hard copy of insurance policy. But
compliant. With the new rule of vehicles being Basel IV when you are travelling on road it is not mandatory to
compliant, will the insurance premium see a spike due carry hard copy of the policy. The certi cate of insurance
to the new rules? will be suf cient to show that you are covered for third
party liability under Motor Vehicles Act, 1988 to any
The core objective of this new directive from the Supreme legal authority. But you need to protect the hard copy of
Court to automobile manufacturers is to bring down your insurance policy for future purposes.
pollution levels emitting from vehicles. The new directive

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.

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

Regulator to impose tighter review of insurance
liabilities
Indian insurers are likely to face stricter scrutiny over the
assessment of their liabilities, as part of the insurance
regulator's efforts to improve transparency in the
industry.
The IRDAI has proposed a set of regulations on
actuaries, as it wants the involvement of independent
actuaries in the process

Regulator to loosen claim consultancy process for brokers
The IRDAI will soon allow insurance brokers to offer
consultancy for claims not exceeding INR100 million
(US$1.56 million) without the need for regulatory approval.

Insurance corporate agency market gets more competitive

Competition has heated up in the insurance corporate agency
segment as payment bank Paytm can now sell life, health and general
insurance products. This follows the IRDAI granting a corporate
agency licence to One97 Communications, the parent of Paytm.

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.

All general insurers may sell auto policies via car
dealers

Insurance regulator IRDAI has allowed all general
insurers to sell motor insurance policies through auto
dealer networks and with differential pricing, in a bid to
offer more choices to customers in terms of pricing and to
increase competition.

Committee formed to oversee implementation of RBC
system

The insurance regulator IRDAI has formed a 10-member
steering committee to help implement by March 2021 the
new risk-based capital (RBC) regime that will also enhance
protection to policyholders.
The decision to move to the RBC norms was taken after
recommendations of a panel which gave its report in July
this year, IRDAI said in a noti cation.

IRDAI to ask insurers to create Debenture Redemption Reserve
(DRR)

The Insurance Regulatory and Development Authority of India
(IRDAI) is likely to ask insurers to create a debenture redemption
reserve (DRR).
Under this, an Indian company that issues debentures has to create
a redemption pool to protect investors against the possibility of
default by the company.

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.

2

Years

3

Years

TWO WHEELER LONG TERM PACKAGE POLICY

Renewal Ka No Jhanjhat, Ride Safe and Stay
Secured upto 3 years ...

Toll Free No. 1800 22 4030 Log on to www.universalsompo.com

Eng/MLTW/NL/2017| IRDAI Regd. No. 134 | Regd. Of ce : Unit No. 401, 4th Floor, Sangam Complex, 127, Andheri Kurla Road, Andheri (E), Mumbai – 400059, Maharashtra. | Fax#
022-29211844 | CIN# U66010MH2007PLC166770. | UIN# IRDAN 134P0008V01201617| Email: [email protected]. | Insurance is the subject matter of solicitation. | For
more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. IRDAI or its of cials do not involve in activities like sale of any kind of insurance or

nancial products nor invest premiums. IRDAI does not announce any bonus; Those receiving such phone calls are requested to lodge a police complaint along with details of phone call and
number.

Government Actions in General Insurance Industry-

September 2017

Govt panel highlights need for household nancial products
There is a need for a minimum set of cost-effective nancial products to be prescribed for Indian households like
simple term insurance and basic health insurance, according to a report of the Household Finance Committee.

State Government may establish insurance company
The insurance industry may soon have a new player--the Maharashtra government which is planning to set up an
insurance company in a joint venture with a public sector insurer.

Modi asks Niti Aayog to assess, improve crop insurance scheme
Prime Minister Narendra Modi has ordered an assessment of the Pradhan Mantri Fasal Bima Yojana, criticised for
poor implementation and helping insurance rms get richer.

Crop insurance scheme set for revamp
The government's farm insurance scheme is in for a revamp just about one year after launch, with the focus now on
increasing competition among insurers, lowering the average premium and widening the scope of cover to include
losses due to natural disasters.

Aadhaar suf cient for insurance KYC
The Insurance Regulatory and Development Authority of India
(Irdai) has said that Aadhaar-based electronic-know your
customer (e-KYC) process would be suf cient for the purpose of
customer veri cation. This has come as a part of clari cation
issued by the insurance regulator on Aadhaar-based e-KYC for
insurance companies. It also stated that Aadhaar-based e-KYC
can be conducted only with the consent of the customer.

To expedite payment under Pradhan Mantri Fasal Bima
Yojana, PM Narendra Modi has passed this order
A few weeks ahead of the commencement of the harvesting of
kharif crops, the Centre has asked states to ensure the use of
smartphones and agri app to capture crop cutting experiments
(CCEs) data on a real-time basis.
Under the PMFBY launched by Prime Minister Narendra Modi in
January 2016, farmers need to pay a uniform premium of just
2% for the more rain-dependent kharif crops and 1.5% for all
rabi crops.

Government may raise over Rs.15K cr from IPO of 2 PSU
general insurers
Initial public offering of the two state-owned general insurance
companies is likely to yield over Rs 15,000 crore to the
exchequer.

GIC Re to be listed on NSE on 25 October
The country’s national reinsurer, General Insurance Corp. of
India (GIC Re), will be listed on the National Stock Exchange
(NSE) on 25 October.

GIC Re’s initial public offering (IPO), which was open from 11
to 13 October, was subscribed 1.37 times.

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.

Regular Updates For General Insurance Industry

September 2017

Unclaimed insurance amounts reaching US$2 bln :

Unclaimed sums at both life and nonlife insurance companies belonging to policyholders and their bene ciaries have
reached nearly INR120 billion (US$1.87 billion) at 30 June 2017, an increase of 2.8% compared to INR116.7 billion
unclaimed at 31 March 2016.
The unclaimed money could be from death or maturity claims, survival bene ts, premium refunds and other sums,
according to data collated across life and general insurance companies.

Bank retirees may have to pay more for renewal of mediclaim policy with domiciliary cover :

Premium for mediclaim policies with domiciliary bene ts for bank retirees may go up when renewal is due in November.
The existing mediclaim insurance policy for retired employees and of cers will end on October 10, 2017, and has to be
renewed from November 1.
A communication to this effect has been conveyed to Indian Banks' Association (IBA) by United India Insurance, said CH
Venkatachalam, General Secretary, All India Bank Employees Association.

Car insurance: Good news; Select insurer of your choice at showroom while buying car :

Car-owners can select their insurance cover from the dealer itself as the insurance regulator has allowed all non-life
insurers to sell motor cover through auto dealer networks.

GIC Re climbs up in global ranking :

Public sector reinsurer GIC Re, which is in the middle of international roadshows to launch its Rs 10,000 crore IPO, has
got a leg-up from the global rating agencies like Standard Poor's and AM Best.

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.

Insure your home against natural calamities :
According to news reports, oods have affected more than 34 million people across 280 districts and caused more than a
thousand deaths over the past year. Such devastation happens during the monsoon in parts of the country almost every
year. These calamities not only take a toll on life and health but also cause mammoth nancial loss. It is estimated that
800,000 homes were destroyed by oods this year.

Insurance cover for aided, unaided school teachers :

The state government on Wednesday agreed to include teachers of aided and unaided educational institutions under
'Jyothi Sanjeevini programme', a medical insurance scheme for state government employees.

A decision to this effect was taken at a meeting of teachers' and graduates' constituency MLCs with Chief Minister
Siddaramaiah in Bengaluru.

Insurers designing customised cyber security policies :

As incidents of ransom-ware attack rise — at least 10,000 attacks a day across the world — insurance companies are
planning customised standalone products for companies and organisations in India.
Such products are already available in the US. However, in India, insurance companies primarily sell cyber threat
products as part of bundled offers covering risks of 'errors and omission', 'computer crime', 'commercial crime', and so
on.

Air India reduces its 2017-18 insurance premium payout by 20% :

Air India has saved close to $4 million (₹26 crore) in the premium it has to pay for getting its eet of over 100 aircraft
insured for 2017-18, a reduction of 20 per cent in the insurance premium payout for the previous year.

HIGHLIGHTS : INSURANCE COVER FOR AIDED, UNAIDED SCHOOL TEACHERS

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Around The World

AUSTRALIA

Privately insured breast cancer victims pay more gap costs:
Total out-of-pocket medical costs for women with private health insurance are higher than for women
without.
Women without health insurance paid around A$3,600 (US$2,825) in out-of-pocket costs while
women with private health insurance pay around A$7,000 for treatment in the private health system.
One quarter of privately insured women reported out-of-pocket costs greater than A$21,000.
The report, titled “The nancial impact of breast cancer”, showed that there is a large disparity across
the country in the out-of-pocket costs women face following a breast cancer diagnosis. While some
women (12%) reported no out-of-pocket costs, one quarter (25%) of all women who completed the
survey reported costs of more than A$17,200.

80% of retirees depend on Age Pension for income :
About 80% of retirees need to rely on the government-funded Age Pension for part of their retirement
income, despite 25 years of the country's compulsory superannuation system being in operation.
An analysis of Department of Social Services (DSS) welfare applications obtained by The Weekend
Australian reveals half of all couples retire on to a part-pension holding investment assets, excluding
their home, of A$500,000 (US$398.000) or more.

Peer-to-peer insurer offer bike+ cover :
Peer-to-peer insurer, Friendsurance, has launched its rst product in Australia, Cashback Bike
Insurance, which offers bene ts which are in addition to those seen in other bicycle insurance
policies.
Cashback Bike Insurance provides cover for the rider and the bike itself, including the rider's loss of
income and dental work in the event of an accident, as well as third parties. Regular bike insurance
generally only covers loss or damage to the bike.

Health insurers to respond to pro tability challenges :
Australia's private health insurance sector will be able to respond to increasing utilisation and costs
associated with medical services, amidst broader affordability concerns, and maintain an ROE well
above 10% through 2018.
However, S&P notes private health insurers face continued margin pressure with no signi cant
countermeasures evident without healthcare and industry reform. This could lead to industry
consolidation in the long term.

Public expects insurers, govt to curb medical in ation :
Australians blame health insurers for rising costs in the nation's healthcare system, new consumer
research reveals, as most of them expect private health insurers to play the biggest role in combating
the nation's rising healthcare costs.

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.

ASIA

Index-based agri solutions can boost insurance penetration in region:
Index-based solutions could in time surpass indemnity-based agriculture insurance in Asia through
the help of technology, thus offering numerous advantages to both insurers and insured's.

More than half of parents provide support to adult children:
On average, 81% of respondents in Asia said that they provide regular support to their family (led by
Indonesia, India and Malaysia).
The study also showed that parents in the Middle East (79%) and Asia (56%) are nancially
supporting children into adulthood, with 51% of Asia respondents supporting a child aged over 30.
Over two-thirds (67%) of them are supporting their parents.

CHINA

ZhongAn to offer tness-related products:
China's rst online-only insurance company, is exploring business opportunities in the sports and
health insurance sector, based on data collected through mobile sports-related applications.

SOUTH KOREA

Shipyard workers with employment insurance dwindle:
The number of workers covered by employment insurance fell sharply in the shipbuilding industry last
month from a year earlier, government data show, as yards undertake massive restructuring in the
face of sluggish business conditions.
The number of employment insurance policyholders at shipyards fell 22.4%, or 41,800, in August
from the same period last year.

Infertility & dementia to get increased cover:
South Korea's national health insurance fund will increase coverage for the treatment of infertility and
serious dementia starting in October, the health ministry said; which is in line with the government's
efforts to reduce the nancial burden of patients.

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.

NEW ZEALAND

Wellington homeowners urged to quake check their houses:
The Insurance Council of New Zealand is warning Wellington homeowners to quake check their
houses after new research reveals not enough is being done by homeowners to check their biggest
asset for earthquake vulnerabilities.

JAPAN

Bike insurance gains increased business:
Huge court damages being awarded over bicycle-related accidents have driven cyclists in Japan to
rush to buy exclusively designed liability insurance.
Sompo Japan Nipponkoa Insurance has sold 400,000 new bicycle insurance contracts since 1 April,
surpassing the 300,000 or so contracts signed the previous nancial year, FY2016, which ended on
31 March.

NEPAL

Almost all insurers receiving claims from August oods:
Fifteen nonlife insurance companies have received 607 claims totalling NPR2.13 billion (US$20.8
million) from people affected by the oods and landslides that occurred last month.
The claim amount is only one-fourth of the total estimated loss incurred in the Tarai belt due to the
oods and landslides.

PHILIPPINES

Biggest mall operator to distribute insurance products:
The SM group, the largest shopping mall and retail operator in the Philippines, has opened up its vast
shopping mall network to be a pioneering insurance sales platform, beginning with the sale of the
simplest products that require relatively small premium payments like motor compulsory third party
liability (CTPL), travel and dengue insurance.

Insurance Pulse 18 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.

TAIWAN

1 in 3 residential property covered for quake damage:
The percentage of residential properties in Taiwan that was covered by earthquake insurance stood at
33.17% at the end of July, according to data from the Financial Supervisory Commission (FSC). The
total number of residential properties was around 8.6 million.
The regulatory agency revealed the gure as it urged the population to take up earthquake insurance
for basic protection of their homes.

Regulator raises punitive premium for drunk drivers:
Starting in March 2018, motorists convicted of drunk driving will be required to pay a higher punitive
premium for Compulsory Automobile Liability Insurance, the Financial Supervisory Commission
(FSC) has announced.
The punitive premium will be raised to NT$3,600 (US$119) per violation, up from the current
NT$2,100, to re ect the cost of compensation for victims of drunk driving, reported the Central News
Agency.
There is no limit to the number of times violators can be charged with a punitive premium, the FSC
said.

THAILAND

Cross border insurance products made available:
Bangkok Insurance has signed a reciprocal deal with APA Insurance of Laos on vehicle and accident
cover for their respective clients who travel to the other country.
"This is the rst step in business cooperation in the eld of insurance under the Asean Economic
Community framework.

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

Unlock Life

Universal Sompo Wishing You
Happy Diwali & Prosperous New Year

Insurance Pulse 20 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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