Shriram Times

A Monthly Newsletter from SGI

SGI

CEOs Message

Wishing You & Your Family A Happy Festive time

Dear Colleagues, From auto sector to banks the festive season is extremely important for the insurance industry too and Dussehra to Diwali is an all India festival when consumers are ready to spend their savings. It is the time to extend our greetings and thanks to our partners, dealers, agents, customers and clients for their support in our business.

seasons Greetings!

EDITION 53, OCTOBER 2012

LEGAL >>
Stolen Vehicles Workshop

SGI personnel chosen to give presentation to Haryana Police

The first workshop on stolen vehicles and requirement of timely intimation of TP accident u/s 158(6) was co-organized by the Haryana Police Academy, Madhuban and General Insurance Council
Mr. Viswas Srivastava conferred a presentation on the importance of timely intimation of Third party death/Injury in road accidents to the Insurance Company, to help the victims in time. He also made police officials aware about the necessary compliance of section 158(6) of the Motor Vehicle act, 1988. Senior Haryana Police Officials extended their support and encouragement to all participants and representatives from the Insurance Regulator & Insurance Industry. The Insurance Information Bureau presented the SMS Facility for Stolen Vehicles Recovery Information System to assist Police to enquire about the status of vehicles reported as stolen.

The objective of the workshop was to spread awareness among the Police Officials for proper and effective implementation of the process of timely intimation to Insurance Companies about the reported stolen vehicle and intimation of TP death or Injury to Insurance Company.

EDITION 53, OCTOBER 2012

FDI >>

FDI not enough for those who missed the first boat

Partners elude foreign Insurers on India hunt

Lifting of the foreign direct investment (FDI) cap in insurance sector to 49 percent is unlikely to help new foreign players who are keen to enter the Indian market, as there is a shortage of credible domestic partners
Reason: Most big corporate houses, public sector and private sector banks and retail giants have already entered the insurance space, leaving them with limited choice. Several foreign players have liaison/rep offices in India and have been searching for partners for a few years now. These include Canada-based Manulife Financial (keen to foray into life insurance, but cant locate a local partner for more than three years), US-based Travelers (keen on non-life insurance, searching for five years), Samsung Fire and Marine Insurance (interested in non-life insurance), Samsung Life Insurance (interested in life insurance), and Discovery (keen on health insurance). Their efforts have proved futile so far. There are 24 life insurance companies and 27 non-life insurance companies, including four pure health insurance companies.

More than four years ago, Travelers had entered into a preliminary Moue with engineering giant Larsen and Toubro (L&T) to set up a general insurance company. However, their plans did not materialize. It was also in talks with Mahindra and Mahindra (M&M), but nothing has moved with them either. Retail major, Future Group led by founder and group CEO Kishore Biyani is also scouting for partners to exit from its life insurance joint venture, Future Generali Insurance.

EDITION 53, OCTOBER 2012

SPORTS >>

Formula 1

Insurance cover
Jaypee Sports International Limited (JPSL), the company that hosts Formula 1 race in India, is seeking an insurance cover for Rs 750 crore to protect it against event cancellation and loss or injury to spectators.

Reliance General Insurance will underwrite the Rs 500 crore cover for thirdparty eventualities, and the Rs 250 crore cover for maritime transit and event cancellation is yet to be finalized, said a person familiar with the matter.

Formula 1 debuted in India. The insurance doesn't cover individual teams, which are covered by policies in their home country. On the insurance front, one policy covers both JPSL and Formula 1 in the country.

Under the Rs 500-crore third-party liability, players and spectators are covered against any injury or loss. Insurance broker ACE was the arranger of the third-party cover, for which the premium payment is said to be around Rs 10 crore, said one of the persons in the know of the deal.

Another component of the insurance policy is marine transit of the racing vehicles and equipment, which is to the tune of Rs 50 crore Reliance General Insurance is looking for reinsurance support for the third-party insurance in the international market.

GIC has reinsured per cent of the terrorism liability

60

Insurance cover for this year's event, to be held in Noida near New Delhi on October 26 and 28, is at least 50 per cent higher than last year when Income from selling tickets and food forms the revenue for JPSL, which is expected to be $5 million.
EDITION 53, OCTOBER 2012

God Perils

Insurers, property owners tally Sandy's damage

Sandy will do $10 billion to $20 billion in economic damage Profits for U.S property and casualty insurers was $16.4 billion the first half of 2012 Sandy could account for $5 billion to $10 billion in insured losses

Catastrophe risk modeling firm Eqecat estimates that Sandy will do $10 billion to $20 billion in total economic damages and $5 billion to $10 billion in insured losses. More than 1 million homes have been evacuated. An army of claims adjusters is working its way toward the hardest-hit areas, tackling the enormous task of evaluating damage, putting a price tag on it and deciding whether it's covered by insurance.

Experts agree that the nation's insurers have enough money to pay for the staggering damage done by one of the biggest storms to hit the

East Coast. Just how much will be covered will depend on what kind of insurance property owners have, how well they have documented their losses and the damage estimates that adjusters arrive at.

EDITION 53, OCTOBER 2012

Non Life Insurers

Gross written premium

In Crores INSURER Royal Sundaram Tata-AIG Reliance General IFFCO-Tokio ICICI-lombard Bajaj Allianz HDFC ERGO General Cholamandalam Future Generali Universal Sompo JULY 2012-13 132.39 191.11 164.67 187.66 493.83 344.74 172.04 134.05 89.24 36.27 AUGUST 2012-13 114.89 145.69 157.91 218.15 454.78 337.55 221.94 127.59 100.41 37.23 SEPTEMBER 2012-13 109.86 164.66 158.81 269.57 510 294.79 287.62 124.9 86.81 43.27

Shriram General
Bharti AXA General Raheja QBE SBI General L&T General Star Health & Allied Insurance Apollo MUNICH Max BUPA Religare New India National United India Oriental ECGC AIC PRIVATE TOTAL PUBLIC TOTAL GRAND TOTAL

117
97.45 2.61 60.23 10.56 66.23 42.6 13.46 7.36 885.37 703.18 875.09 528.7 97.3 122.7 2,363.93 3,212.34 5,576.28

121
83.75 2.79 51.68 10.87 64.78 34.55 13.51 1.75 714.55 668.81 723.9 480.57 89.98 801.18 2,300.58 3,478.99 5,779.57

126.79
87.24 2.25 57.7 10.17 64.57 35.22 14 1.33 756.76 741.40 740.84 539.03 102.84 722.45 2449.56 3603.32 6052.88

EDITION 53, OCTOBER 2012

CELEBRATIONS >>

Raipur Branch

Vadodara Branch

Laxmi Puja Ceremony

Narayan Puja on Dussehra

Karim Nagar Branch

Bhilwara Branch

Vinayak Puja

Celebrating 75.84 Lacs Business

EMPLOYEES >>

Employees

Employees Message to all (Ashish Jain U/W, H O) Breathing and Food are vital for existence. Air is free to breathe. But food is not. Dont waste foodnext time there is Excess food, pack it up and donate to the needy.

Crossword Contest : Early Bird Wins the Game

EDITION 53, OCTOBER 2012

STAR PERFORMERS

Top 3

Top 3 On basis of Volume & Combined Claim Ratio (Zone wise)

Vivek Guptas Zone Aftab Alvis Zone PS Rajeevs Zone

Kota , Anushil Goyal

Panvel, Ajay Bhoir

Hyderabad,Sunil Kumar B ,AM

Dehradun 1,Tilak B. Basnet

Allahabad, Nishikant Tripathy

Vizag ,M. S.Raju

Bilaspur,Brij Bhushan

Vashi ,Bhausaheb R. Jadhav

Vijayawada, B.Satish Kumar

EDITION 53, OCTOBER 2012

STAR PERFORMERS

Top 3

Top 3 On basis of Volume & Combined Claim Ratio (Zone wise)

BRANCHES 1st Panvel, Ajay Bhoir, BM 2nd Allahabad, Nishikant Tripathy, BM 3rd Hyderabad, Sunil Kumar B. ,AM

BRANCH PERFORMERS

Naresh Sharma, Jaipur 1

Govind Sawant,Panvel

Kamlesh Jain,Bhilwara

Top 3 Branches in Renewal Conversion for Second Quarter

Farrukhabad,Rajiv Kr.Rajput

Karol Bagh2,Deepak Yadav

Lakhimpur,Gopal Dixit

Top 3 Branches in Life Business for Second Quarter

Agra 2, Naveen Chandani

Surat ,Kiran Deshbhattin

Janakpuri2,Kapil S.
EDITION 53, OCTOBER 2012

STAR PERFORMERS

Top 3

Top 3 Claim Officers

Two Wheeler- Category

Vishal Bhadoria

Pankaj Sharma

Vivek Kumar

Private Car Category

Abhay Singh Rathode

Renu Kundwani

Amit Kr.Singh

Commercial Vehicle Category

Aashsih Sharma

Anup Pansari

Mohit Kumar Saxena

EDITION 53, OCTOBER 2012

EDITION 53, OCTOBER 2012