General Insurance Policy

Gross direct premium income up 17% to Rs 5,185 cr; combined ratio, which indicates underwriting discipline, stable at 105.1%

The obligatory cession was reduced from 5% to 4% for 2022-23. The impact of the reduction on GIC Re will be Rs 2,000 crore

Obligatory cession is the part of the business, or premium, that general insurers are required to cede on every policy sold to GIC Re

The non-life insurers decided to give a one-time relaxation to policyholders whose property has remained un-occupied and who are at risk of losing their coverage due to lockdown

However, it said specific cases would be considered on merit

Business Standard brings you a snapshot of the Indian insurance industry

There are many critical parameters like claims settlement, repudiation and others that need to be studied carefully