GIC Re, an Indian Reinsurer has been ranked 10th position among the Global Reinsurers. GIC Re has a potential of becoming a global player and it is already expanding its operation worldwide.
IRDAI have advised all the Insurers to follow norms to invest in top rated papers in the Market and not fall pray for higher returns from less rated papers.
IRDAI is considering telematics (Block Box) in the Automobiles Sector to ensure the cause of accidents for Research purposes as well as to ensure fair settlement of automobiles claims.
Prime Minister Mr Modi has launched the Ayushman Health Insurance scheme in Jharkhand which is the first state to implement the scheme. Government must see that its benefits reach the lower lever population as promised. Lot of stake of the government will be depending on the successful implementation of the scheme.
Government must not use LIC funds to bailout companies. LIC is one of the most profitable organizations and the policyholders interest must not be jeopardized.
Insurers must also look for implementing the latest technology in the insurance sector to improve customer servicing, better data management and improved claim management.
