Latest news with #TapanSinghel
United News of India
6 days ago
- Business
- United News of India
GIC launches ‘Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Business Economy Mumbai, May 28 (UNI) The General Insurance Council (GIC) of India, the apex industry body representing all non-life insurers in India, on Wednesday launched a nationwide awareness campaign titled 'Achha Kiya Insurance Liya'. Aligned with the ambitious goal of 'Insurance for All by 2047', the initiative aims to normalise insurance as an everyday financial safeguard and focuses on bridging the significant perception and trust gap in uptake of general insurance. Speaking on the occasion, Dr Tapan Singhel, chairman, GI Council and MD & CEO, Bajaj Allianz General Insurance Co Ltd, said that insurance is still viewed more as a reluctant expense than a financial shield, the mindset shift is waiting to happen, and it begins with trust and relatability. "'Achha Kiya Insurance Liya' is our collective attempt to bring insurance closer to the lives and language of ordinary Indians. This is about demystifying insurance, making it relevant and rewarding, not intimidating," he added. UNI AAA SS Tags: #GIC launches 'Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Time of India
7 days ago
- Business
- Time of India
General insurance industry to invest Rs 100 cr annually for next 3-5 yrs in nationwide awareness campaign
The general insurance industry has committed to investing Rs 100 crore each year for the next 3–5 years in a awareness campaign to improve insurance adoption. Backed by the General Insurance Council and regulatory support, the campaign is looking to bridge the gap between insurance availability and its penetration across vast population and diverse geographies. The industry leaders today came together to discuss the need for the campaign- Achha Kiya Insurance Liya- with a vision to increase the insurance penetration which at 1% of the GDP against the global average of 3.3%. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance , said the industry quietly pays claims when it matters the most, that is at the time of need. 'Last year alone, 2.69 crore families benefited from health claims worth ₹83,000 crore. During COVID-19, the industry paid five times its annual profit in claims, without a single bailout request from the government. Insurance silently cushions people in their most vulnerable moments,' he said. Live Events Drawing a sharp comparison between developed and developing economies and how the two gets affected post a catastrophe, he said, in Florida, when a hurricane hits, the state's GDP goes up, thanks to insurance payouts fueling recovery. 'In India, GDP dips because of underinsurance. This campaign is about changing that reality,' he said. He said that ninsured MSMEs take the biggest hit during catastrophes, dragging GDP down by 1.82%. 'If we plug this leaking bucket, India's 6–7% GDP growth can climb to 10–11%. That's the power of insurance,' he said. Anuj Tyagi, Joint MD, HDFC ERGO General Insurance , stressed the role of digital infrastructure in expanding reach saying that with data from IIB, we can now pinpoint uninsured vehicles on Indian roads. 'This opens the door to precise, data-driven enforcement and outreach,' he said. 'Insurance is the only product needed from birth to death,' said Mayank Bhatwal, CEO of Aditya Birla Health Insurance. 'Whether rich or poor, people don't want to compromise on quality healthcare, and only insurance can make that quality accessible.'
Mint
07-05-2025
- Business
- Mint
Now get insurance coverage for weather-related damages – Here's how
With extreme weather events that include severe cyclonic storms and heatwaves becoming normal now, climate change is real. Climate change can hit people in multiple ways including loss of livelihood and income loss that may last for a few days, weeks or even months. To mitigate the losses arising from climate change, Bajaj Allianz General Insurance has come up with a 'ClimateSafe' insurance policy. Here is a quick guide on its features and benefits: ClimateSafe, which is a parametric insurance policy wherein payouts are triggered when certain specified parameters are met, covers increased living costs due to higher electricity use, unexpected commuting expenses, reduced sales during extreme weather, supply chain delays from flooding, leaks from prolonged rainfall, accidents caused by excessive rain, loss of income for daily wage workers due to severe weather, damage to household items from floods and heat waves, and event cancellations due to adverse weather. Customers can buy Bajaj's climate risk insurance multiple times during the year, with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements. 'This product is designed to provide financial protection to those who are significantly vulnerable to the impact of climate change,' Bajaj Allianz said. ClimateSafe is suitable for individuals who rely on daily earnings, which makes them highly vulnerable to climate risks. It is specifically tailored to meet the needs of retail customers, office goers, auto/taxi drivers, retail shop owners, delivery agents, home service professionals, gig workers, home residents, and event attendees facing climate-related income loss or increased expenses due to climate-related risks, including extreme heat, cold waves, and excessive rainfall. 'Customers can self-select their risk location, risk period (from 1 day to 30 days), weather risk (excessive rainfall, low temperature, high temperature), and sum insured,' Bajaj Allianz said. 'ClimateSafe Insurance offers quick financial relief, as automatic payouts based on predefined triggers provide quick financial support, helping manage immediate needs,' said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance. The insurer analyses historical data, climate models, and various risk factors to determine the likelihood and potential impact of extreme weather events in specific regions. Based on the assessed risk, the insurer calculates premiums that policyholders must pay to obtain coverage. When a covered extreme weather event occurs, policyholders can file claims to receive payouts from the insurance company. ClimateSafe uses historical weather data to calculate the threshold or benchmark temperate/rainfall for specific location and period. Real-time climate data is used to determine payouts. When predefined weather conditions are met, the policyholder receives payout without the need for a lengthy claims process. Currently only excess rainfall, high temperature, and low temperature is covered under ClimateSafe Insurance. Premiums are based on real-time climate data, your specific location, and personal risk profile. 'This dynamic pricing ensures that you pay a fair premium based on your actual risk,' the company said. The payout under this insurance policy is triggered by a specified parameter that is described as a strike point. The strike point is defined as the moment when the insured weather parameter (measured in millimeters of rainfall or degrees of temperature) exceeds the predefined threshold specified in the policy. If this strike point is reached within the policy period, a proportionate percentage of the sum insured is paid to the policyholder. For policies covering periods longer than one day, multiple strike points may occur, and if they do, the claim is paid accordingly. The policy also has something called the exit point when the full sum insured is paid. The exit point is the moment when predefined weather parameters (measured in millimeters of rainfall or degrees of temperature) exceed the maximum threshold defined in the policy. If this exit point is reached within the policy period, the full sum insured is paid to the policyholder. The strike and exit points are unique to each policy, depending on the selected risk, risk location, and risk period. These conditions are displayed on the quotation screen when you purchase the policy and are also detailed in your policy document. Daily weather data is gathered from trusted sources such as the Indian Meteorological Department (IMD) (Gridded) for rainfall and ERA5 (Gridded), the fifth generation European Centre for Medium-Range Weather Forecasts (ECMWF) that provides global climate and weather data, for temperature. This information is utilised to establish triggers based on historical data and to verify if the predefined weather conditions are met using current data for policy period. Climate insurance is great in these uncertain times. But you should buy it only if you are vulnerable to the risks. For instance, if you live in a place where extreme weather events haven't occurred, then you may not need the insurance. But for those who are living in locations where such events happen with alarming frequency, climate insurance can be a good hedge against unforeseen weather conditions. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
The Hindu
28-04-2025
- Business
- The Hindu
Bajaj Allianz General Insurance launches parametric insurance product
Bajaj Allianz General Insurance Company on Monday launched a parametric insurance product 'ClimateSafe'. The product is intended to provide financial protection to those significantly vulnerable to the impact of climate change. It will offer quick financial relief based on predefined weather triggers such as extreme high temperatures, cold waves or excessive rainfall, the company said on Monday. A first-of-its-kind climate risk protection policy in India, the product is a direct response to the urgent and growing need to safeguard livelihoods from the increasing unpredictability caused by climate change, MD and CEO Tapan Singhel said in a release. The insurance cover is tailored to meet the needs of retail customers, office goers, auto/taxi drivers, retail shop owners, delivery agents, home service professionals, gig workers, home residents and event attendees facing climate-related income loss or increased expenses due to climate-related risks, including extreme heat, cold waves, and excessive rainfall, Bajaj Allianz General Insurance said. According to the company, customers can buy the cover multiple times during the year with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements. It will have dynamic pricing with predefined triggers and tailored premiums based on real-time climate data. Customers can self-select their risk location, risk period (from 1-30 days), weather risk (excessive rainfall, low temperature, high temperature) and sum insured.
Time of India
26-04-2025
- Business
- Time of India
Too hot to work? Insurance can now compensate for income loss
Mumbai: As climate risks grow more immediate, insurers are seeking new ways to offer protection. The latest is a cover that pays out pre-agreed amounts to individual policyholders when specific weather thresholds—such as temperatures above 42°C or excessive rainfall—are reached. Tired of too many ads? go ad free now Bajaj Allianz General Insurance has launched "ClimateSafe," a parametric insurance product aimed at individuals vulnerable to the financial effects of extreme weather. ClimateSafe represents a new offering in India's insurance sector. Claims under ClimateSafe are settled automatically without the need for traditional documentation, with payouts disbursed within seven days. For example, a daily wage worker selecting Rs 500 per day coverage over 15 days would receive Rs 500 for each day that the temperature exceeds 42°C, up to a maximum of Rs 7,500. The objective of the cover is to compensate for income loss when the worker is not able to work due to extreme weather. The covers are termed parametric as the payout is linked to the occurrence of a predefined event measured by set parameters, rather than assessed by actual loss. Pricing is dynamic, reflecting real-time climate data and personal risk profiles and vary widely depending on the liklihood of the weather threshold being breached. Designed for daily wage workers, drivers, shop owners, and event attendees, the product provides coverage against income disruption or additional expenses resulting from extreme heat, cold waves, or heavy rain. Customers can choose their location, risk period (between one and 30 days), peril type, and sum insured. "Climate change is no longer a distant threat. It is a reality that affects our daily lives in visible and often disruptive ways. Tired of too many ads? go ad free now From flight cancellations due to extreme weather to delays in logistics, supply chains and daily commutes, the financial and emotional toll of climate-related events is steadily increasing,' said Tapan Singhel, managing director and chief executive, Bajaj Allianz General Insurance. The product relies on historical and real-time weather data from sources such as the Indian Meteorological Department and ERA5. Customers can purchase policies online, via mobile app, or through the company's distribution network. Proponents of parametric insurance argue that it offers a simpler, faster alternative to traditional claims-based insurance. Whether such products will gain broad adoption in India, where insurance penetration remains low and weather volatility is rising, remains to be seen.
