Page 9 - The Insurance Times October 2021

"These guidelines will apply to all insur- leased the model cyber insurance policy help citizens mitigate some loss, albelt
ers transacting general insurance busi- guidelines, for general insurers. The monetarily.
ness, registered under the Insurance regulator has asked insurance compa- With increase in internet penetration,
Act, 1938. However, ECGC Ltd (formerly nies to provide cover against monetary every individual who's a part of the digi-
Export Credit Guarantee Corporation of loss because of cyber fraud,
tal world is susceptible to risks that ex-
India Ltd) is exempted from the appli- unauthorised transactions, email spoof- ist in cyberspace.
cation of these guidelines," according ing, etc.
T A Ramalingam, Chief Technical Of-
to the circular issued by IRDAI. According to the IRDAI document,
Trade credit insurance protects busi- cyber risks have risen 500 per cent since ficer, Bajaj Allianz General Insurance
Co., says, "Cyber insurance offers cov-
nesses against the risk of non-payment March 2020. Cyber insurance is among erage against various cyber attacks and
for goods and services. It usually covers the best risk management instruments threats, and reduces the impact of
a portfolio of buyers and indemnifies an for individuals and organisations to pro- losses in case any vital, financial or sen-
agreed percentage of an invoice or in- tect from cyber frauds, data theft, sitive information is stolen or misused.
voices that remain unpaid as a result of malware, etc.
protracted default or insolvency. It con- Utsav Trivedi, partner, TAS Law (Advo- Currently, few companies such as Bajaj
tributes to the economic growth of a Allianz General Insurance, ICICI
cates and Solicitors), says, "We may Lombard and HDFC Ergo offer such poli-
country by facilitating trade and helps
improve economic stability by address- never be able to eliminate the cies to individual policyholers. Their cov-
ing trade losses because of payment Pegasuses of the world, but a robust ers are broadly similar, though the finer
risks. insurance will ensure a proportionate details vary.
compensation, something that the
Sanjay Datta, Chief underwriting, rein-
Cyber insurance: Do not present regime under the Information surance, claims & actuarial, ICICI
Technology Act, 2000 clearly lacks. Lombard, says, "Cyber insurance poli-
skip on antivirus While the Personal Data Protection Bill, cies offer first and third-party coverage
The Insurance Regulatory and Devel- 2019, is still some time away, a well- to indemnify customers for various loss/
opment Authority of India (Irdai) re- structured cyber insurance policy will damages as a result of cyber attack." T

SBI General Insurance to Service Ayushman Bharat Sarbat Sehat

Bima Yojana in the State of Punjab

SBI General Insurance, one of India’s leading General Insurance companies, is glad to announce that they have been
chosen by the Government of Punjab to service the Ayushman Bharat Sarbat Sehat Bima Yojana (AB-SSBY). As part of the
scheme, in collaboration with the Government, the company will play a critical role in expanding the health insurance
coverage in the state of Punjab especially to the less privileged sections.

Under this scheme, SBI General will provide the suraksha aur bharosa dono for the people of Punjab, by providing
cashless health insurance cover of Rs. 5 lakhs annually to more than 40 lakhs eligible families in Punjab. As part of this
policy, the families will also be eligible to benefit from cashless secondary and tertiary care treatments at public and
private hospitals with coverage of pre-existing diseases.

Atul Deshpande, Head Claims, Digital & Projects, SBI General Insurance, said, “It is our privilege to be associated with
the State Government of Punjab and be at the service of the people and communities. With our commitment and
passion, we will support the State Government’s vision and progress in our mission of providing simple and innovative
general insurance products and best in class services to the people.”

SECC-2011 data beneficiaries, Smart ration card holders under NFSA, farmers, construction workers, small traders &
Accredited and yellow card holder journalists will be eligible for this scheme under Ayushman Bharat Sarbat Sehat Bima
Yojana to be serviced by SBI General Insurance in the state of Punjab.

The Insurance Times, October 2021 9