An increase in global political uncertainty has led to a rise in political violence insurance covers being taken by Indian companies. These policies are taken by firms that have investments in foreign markets and exposure to such risks.
Ketan Kale, practice leader-credit, political & security risk, JLT Independent Insurers Brokers, said Indian firms are increasingly coming forward to insure their assets globally, especially in regions such as West Asia and Africa. While proposals for covers in volatile markets are not denied, premia are comparatively much higher — by as much as 100-600 per cent.
JLT Independent recently offered such a policy to a pharma client for Yemen. It was a $10-million cover for political violence.
Sanjay Datta, chief underwriting & claims, ICICI Lombard GIC Ltd, says there has been a good demand for these products. “Capacity is not a problem since we have a terrorism pool in place. This pool size may increase to Rs 2,000 crore from Rs 1,500 crore.”
The Indian Market Terrorism Risk Insurance Pool is likely to see an uptick in capacity with a rise in global terror incidents. The pool was formed following an initiative by non-life insurance firms in India in April 2002, after terrorism cover was withdrawn by international reinsurers in the aftermath of the 9/11 attack. The pool has completed 13 years of successful operation. All non-life insurance companies of the country and General Insurance Corporation of India (GIC Re) are members of the pool.
Source: Business Standard
Most Indian women claim to be insured and believe they are prepared for eventualities facing family, a survey said.
About 95% women claim to be aware about health insurance and 84 per cent said they are covered under a health insurance plan, an online survey conducted by ICICI Lombard General Insurance, said.
The survey was done among 876 women respondents aged between 22 and 55 years. It also revealed that about 70 per cent respondents claim to own a motor insurance policy.
"Women give more importance to their family's health (86 per cent) and safety (82 per cent) compared to their own health (47 per cent) and safety (21 per cent)," the survey said.
"Today's women, while playing multiple roles, tend to focus more on their family's health and wellbeing. They are savvied and show a sense of being prepared for eventualities. It is indeed encouraging that most women respondents in our survey were themselves covered through an appropriate insurance cover," ICICI Lombard GIC Chief-Underwriting and Claims Sanjay Datta said.
It found that 51 per cent believe in adopting preventive measures.
The survey also revealed that 30 per cent would want to purchase a home. Also taking into account the recent catastrophic events, women are getting cautious day by day and are taking steps to secure their home and family, it opined.
This is evident from the responses wherein women gave importance to staying healthy (71 per cent), ensuring adequate saving (63 per cent), be cautious while travelling or driving (53 per cent).
