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India: Businesses need to broaden insurance coverage

Source: Asia Insurance Review | Oct 2015

Indian companies are inadequately covered for business-related risks as they have taken out insurance coverage for only a few risks, according to a survey conducted by ICICI Lombard General Insurance.
   Results captured for both smaller and bigger firms indicate that companies focus primarily on employee and asset related risks. While most companies have group medical insurance, accidental insurance and insurance against damage to their asset or machinery, they have limited protection against liability related high impact risks. In fact, new age risks such as cyber liability as well as directors’ & officers’ liability have been opted for by few firms, the survey found.
   The study covered 292 companies in insurance, banking, financial services, technology, steel, cement, pharmaceutical, petroleum & energy, engineering & manufacturing, fast moving consumer goods, realty and infrastructure, mining & minerals, healthcare & hospitality, transportation & logistics, media & entertainment, auto & auto ancillary and telecommunications.
   With respect to asset protection cover, fire & special perils top the list of insurance taken with 76% of respondents saying that they have acquired the cover, followed by plant/machinery insurance (59%) and construction all risk (56%). 
   For liability cover, directors’ & officers’ liability (36%) and commercial general liability (25%) and public liability (20%), were not very prevalent among Indian companies.
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