Search This Blog

Monday 28 December 2015

2016 to be a promising year for general insurance - ICICI Lombard

Increased customer awareness, rise in catastrophic events and pro-consumer regulatory changes to drive Health Insurance, while the Motor Insurance industry has exciting times to look forward to reveals ICICI Lombard in its report, " General Insurance: Trends and Outlook for 2016. " The report highlights the key trends to arise out of the Health and Motor Insurance industry for 2015 and its impact on the year ahead and beyond.

Commenting on the report, Mr. Sanjay Datta, Chief- Underwriting, Claims & Reinsurance, ICICI Lombard General Insurance Company Ltd said: ‘As India’s largest private sector general insurance company, it is imperative for us at ICICI Lombard to lead the industry in terms of identifying health and motor insurance trends and this report will help general insurers draw up new initiatives and policies, driven by consumer demand.

The survey has thrown up some interesting facts in terms of health and motor insurance awareness, needs and the impact of various events on customers. Year 2015 has witnessed increase in the general alertness of people with regards to healthcare and insurance primarily owing to awareness led by Government schemes, spurt in catastrophic events and increase in medical inflation including OPD expenses. Customers are now keen to evaluate the credibility of hospitals in terms of association of doctors, hospital’s reputation and treatment facilities; before availing treatment. More and more people are relying on their insurance provider as a source of credible healthcare information for better decision making. 


One key observation to arise from the report was that natural calamities such as floods and cyclones are becoming a regular phenomenon. Incidentally, a vehicle is affected in its entirely during a calamity, unlike in an on-road accident. Certain losses such as hydrostatic lock cases increase dramatically during floods. However, in spite of increased awareness with regards to such losses purchase of add-on covers like Engine Protect and RTI are still minimal.

Given the background, of the 32.9 mn vehicles registered in India (excl. two wheelers), surprisingly, 9.5 mn were uninsured. While two wheelers account for around 70% of all vehicles in India, almost 75% of two-wheelers in India run without insurance - either they have no insurance or their insurance has lapsed. The good news with two-wheeler insurance is one-time premium payment, no hassle of annual renewal and a common NCB for 3 years.

Commenting on the outlook for 2016, Sanjay Datta said, “We believe that the year ahead will be good for the General insurance sector, including for the larger pieces of health and motor insurance. With the expected changes on the policy front and overall strengthening of the macro-economic scenario, the industry is poised to enhance its value proposition across the product and service spectrum. It should be an exciting 2016 for Health and Motor insurance customers.”


Source:www..indiainfoline.com

No comments:

Contact Us

Name

Email *

Message *