The number of Covid cases has been dwindling in past few months. Offlate there seems to be a rise in the number of cases. Everyone must ensure that there is no laxity in following proper protocol for safety and sanitization. Two doses of vaccine does not guarantee protection from Covid even though impact may be less.
Non Covid health treatment is increasing gradually. Earlier people were delaying avoidable procedures and now with Covid taking a back seat Insurance companies have started receiving health insurance claims.
The Central Government is pushing hard for entry of Electric vehicles. It will help to solve the fuel crisis as well as reduce pollution and have a positive effect on climate change. The Motor Insurance portfolio will also be impacted. The general insurance sector must closely monitor developments in this segment.
Sri B.C. Patnaik, a Direct recruit of LIC has been appointed as Managing Director of Life Insurance Corporation of India whereas he joined LICI during March 1986 and worked in different important positions of LICI since then.
Importance of Risk Management needs to be inculcated at all levels of organization. The Corporate Enterprises should focus more on avoiding risk and following safety protocols rather than to just get the Insurance premium reduced. Already due to stiff competition the insurance premium rates are at rock bottom. Insurance Companies must also educate corporations about the need of Safety and Loss prevention which will help the industry to reduce losses.
