According to "General Insurance: Trends and Outlook for 2016" ICICI Lombard report, positive changes are expected in the insurance sector based on the 2015 trends. It is considered that increased customer awareness, rise in catastrophic events and pro-consumer regulatory changes are factors that are likely to give the motor and health insurance products a push.
Commenting on the report, Mr. Sanjay Datta, Chief-Underwriting, Claims & Reinsurance, ICICI Lombard states, “As India’s largest private sector general insurance company, it is imperative for us at ICICI Lombard to lead the industry in terms of identifying health and motor insurance trends and this report will help general insurers draw up new initiatives and policies, driven by consumer demand.”
Public awareness about government health schemes and increase in medical inflation are some of the factors that are expected to contribute to a positive turn for the health insurance sector.
For motor insurance, the growth of organized taxi services like Ola and Uber, along with rental car services like Zoomcar and Myles, opens up new sales avenues. Two wheeler insurance sales is expected to rise owing to the convenient one-time premium payment and common No Claim Bonus for 3 years.
Mr. Datta said that with the expected changes on the policy front and overall strengthening of the macroeconomic scenario, the insurance industry is set to enhance its value proposition for