Page 7 - The Insurance Times September 2022

technology services companies were Out of the total cost of demolition, tory reforms, we have accelerated our
the first to buy cyber insurance covers Supertech is paying about Rs 5 crore pace of developing and launching new
due to higher exposure to digitally-con- and the remaining Rs 15 crore will be products. I believe the current era in
nected systems and to protect financial realised by selling the debris, which will insurance industry is an exciting period
transactions, startups and manufactur- weigh over 80,000 tonnes.
to usher in innovation and reimagine
ing firms are now waking up to the im-
“We have secured a basic insurance of possibilities. With 14 new products and
portance of such policies, especially
Rs 100 crore and around Rs 2.5 crore upgrades on the anvil, has further ce-
post-pandemic, as they digitize their
for the gas pipeline in the vicinity,” mented ICICI Lombard as a pre-emi-
entire production and billing processes.
Uttkarsh Mehta, partner at Edifice nent and comprehensive risk insurer of
“Cyber insurance business is growing at
Engineering, told. the nation." Said ICICI Lombard’s prod-
a CAGR (compound annual growth
uct portfolio, Sanjeev Mantri, Execu-
rate) of 30-35% over the past two “Any damage due to the fall will be
tive Director.
years. Around ?300-400 crore comes covered. We have completed visual
from cyber policies alone for insurers inspections and conducted vibration
now. At least 2-5% of the overall new checks. All claims will be directed
Attention Subscribers
premium collection is generated from through the court,” he said.
Please renew your Subscription of The
sales of cyber insurance," T.A.
The company anticipates that some Insurance Times Journal to receive
Ramalingam, chief technical officer,
window panes may develop cracks on
Bajaj Allianz General Insurance, said. copy of the journal uninterruptedly.
account of air pressure for which “We
According to Sanjay Datta, chief of You can now pay by GPAY, Phonepe,
already have a contractor in place.
underwriting, reinsurance and claims, Paytm, Amazon, ICICI Pay, BHIM UPI
These would be replaced the same
ICICI Lombard General Insurance Co.
day,” he said.
Ltd, the cyber insurance market is
growing at over 50%. The high growth
ICICI Lombard General In-
rate is primarily due to a low base,
since the insurance coverage of a surance Co has launched
company’s digital assets three years
14 products across the
ago was low due to a lack of aware-
ness. Assets are typically 50-100 times motor, health, more
the annual premium paid for cyber in-
ICICI Lombard General Insurance Co
surance.
has launched 14 products across the
motor, health, and corporate insur-
Noida Twin Tower Demoli- ance segments. They are in wide range
and offers riders, add-ons, and up-
tion Rs 100-crore insur-
grades on existing policies.
ance cover in place for Rs
“We, at ICICI Lombard, have always
20-crore demolition been at the forefront of providing mil-
The cost of demolishing the Noida lions of customers with simplified and
Supertech Twin Towers is pegged at Rs cutting-edge risk solutions that are
20 crore, which works out to be tailored to their specific needs. Inno-
around Rs 267 per square feet. Edifice vation and agility are a part of our
Engineering, which is tasked to bring organisational DNA and our compre- You can also make payment for
down the structures, has secured a Rs hensive suite of offerings is designed to purchase of Books/Exam Guides
100-crore insurance cover for any meet the myriad needs of customers, from www.sashipublications.com
damages it may cause. through above QR Code
cutting across demographics of age,
It took almost Rs 70 crore to build the geographies, socio economic back- For any query please call
two 32-structure buildings, costing al- grounds or gender. Am elated to share 9073791022/9883398055
most Rs 933 per square feet (sq ft) for that we have a product for virtually
www.sashipublications.com
a total built-up area of 7.5 lakh sq ft. every segment and fuelled by regula-
The Insurance Times, September 2022 7