Sandeep Goradia Chief - Corporate Solutions Group ICICI Lombard General Insurance Co Ltd
The Indian economy continues to be a beacon of growth and opportunity, attracting both domestic and foreign investments across various sectors. The country's economic reforms and ease of doing business initiatives have further improved the investment climate, fostering entrepreneurial spirit and innovation. India's integration into the global economy has strengthened its position as a key player in international trade and investment with Indian companies making significant contributions on the global stage. As India continues on its path of progress, the economy's resilience, coupled with the contributions of corporates and robust infrastructure development, has emerged as one of the fastest-growing economies worldwide, with a projected growth rate of over 6.0% in FY23-24.
India's ambitious goal of becoming a $5 trillion economy has sparked a wave of capital expansion across the country. Both the government and private sectors are making significant investments in key areas such as manufacturing, technology, healthcare, renewable energy, and digital infrastructure. The recent $10 billion program for semiconductor development attracted global giants, signalling growing confidence in India's capabilities.
As India continues to strengthen corporate governance practices and inclusive growth, it has taken significant strides in promoting renewable energy to combat climate change, and has emerged as a front-runner in the adoption of Environmental, Social, and Governance (ESG) initiatives.
General Insurance as a sector is a critical pillar for the Economy
Esta historia es de la edición February 2024 de THE INSURANCE TIMES.
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Esta historia es de la edición February 2024 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
