Page 10 - The Insurance Times November 2025

risk-based oversight framework, corpo- digitally, a move expected to stream-
rate governance strengthening, and line the process and reduce administra- Attention Subscribers
adoption of global best practices to tive burden. Please renew your Subscription of The
improve policyholder protection and Surety bonds are legally enforceable Insurance Times Journal to receive
industry transparency.
tripartite contracts that protect copy of the journal uninterruptedly.
project owners from losses if contrac-
Travel bodies seek insur- tors fail to meet obligations. Although You can now pay by GPAY, Phonepe,
Paytm, Amazon, ICICI Pay, BHIM UPI
ance cover for domestic the Insurance Regulatory and Develop-
ment Authority of India (IRDAI) al-
trip cancellations lowed general insurers to issue surety

Indian travel associations are in talks bonds in 2022, uptake has remained
with insurance firms to design policies low.
covering domestic travel cancellations
NeSL Managing Director and CEO
caused by natural disasters such as Debajyoti Ray Chaudhuri said, "Our e-
floods, cyclones, and earthquakes. The
BGs are used by banks and NHAI. A
move follows major financial losses for
similar solution is being discussed with
travellers and tour operators during insurers. Surety bonds are easier to is-
recent extreme weather events.
sue than bank guarantees and release
"Safety of travellers and insurance of working capital, but volumes are still
domestic holidays are key agendas small." Currently, only a few insurers-
post-Diwali. We are speaking to insur- such as New India Assurance, ICICI
ance specialists to devise cost-effective Lombard, SBI General, HDFC Ergo, and
products," said Anil Punjabi of the Bajaj Allianz-offer these products. Ex-
Travel Agents Federation of India. perts believe digitisation could boost
Debjit Dutta, chairman of IATO's Ben- adoption across infrastructure and con-
gal chapter, is negotiating with Safe struction projects.
Tree Insurance for policies offering
broader coverage beyond current Record 765 extreme rain-
plans, which cost Rs.500-1,500 per fall events hit Himalayan
person.
states in 2025
Currently, less than 0.1% of Indians in-
sure domestic trips. Travel Agents' As- The Himalayan states of Himachal Sashi Publications Easy Payment
sociation of India (East) chairman Pradesh, Uttarakhand, and Jammu & Modes :-
Anjani Dhanuka said, "Even a family Kashmir have recorded 765 very heavy i) UPI ID: SASHIBOOKS@KOTAK
health emergency can lead to cancel- to extremely heavy rainfall events this ii) GPAY: 9830171022@okbizaxis
lations. An affordable policy can safe- monsoon - the highest in five years -
guard travellers." The associations plan according to India Meteorological De- iii) PAYTM: 9830171022@paytm
to promote insurance awareness partment (IMD) data. iv) NEFT: Current A/C
among domestic tourists while advo- The figure marks a sharp rise from 505 402120110000327 of 'SASHI
cating flexible payment terms to re- such incidents in 2024 and 703 in 2023, PUBLICATIONS PRIVATE
duce financial risks. underscoring a growing climate risk in LIMITED, Bank of India, VVK
the fragile Himalayan belt. K.S. Road Branch., Kolkata, India,
NeSL in talks with insurers Hosalikar, former head of IMD's cli- IFSC Code : BKID0004021
to digitise surety bond is- mate research division, said the surge v) Credit Card:
was linked to multiple low-pressure www.sashipublications.com
suance systems from the Bay of Bengal inter- For any query please call

National e-Governance Services Ltd acting with western disturbances. 9073791022/9883398055
(NeSL) is holding discussions with insur- "These systems gave a lot of rainfall
www.sashipublications.com
ance companies to issue surety bonds over the hilly terrain," he said.

10 November 2025 The Insurance Times