Page 5 - Insurance Times April 2021
P. 5

General Insurance                                                          News

         SBI General Insurance & COVID-19 travel insurance                     COVID-19 insurance benefits typically
                                                                               cover treatment up to $100,000, and
         Indian Overseas Bank becoming a vacation                              could include Corona Virus testing
         sign corporate agency staple                                          costs and services like evacuation or

         agreement                          COVID-19 insurance policies are    local burial or cremation. These
                                            increasingly joining passports as  benefits, introduced by insurers in mid-
         SBI General Insurance and Indian                                      2020, are sold either as add-ons or as
         Overseas Bank have signed a        vacation     staples,    creating  separate policies with coverage for
                                            opportunities for insurers, as more
         bancassurance agreement for                                           illness or quarantine.
                                            countries require mandatory coverage
         distribution of non-life offerings.
         Through this agreement,  SBI General  in case visitors fall ill from the Corona  Some countries have mandated travel
                                            Virus. As the organizers of an     insurance for incoming visitors - either
         will offer a range of general insurance
                                            emergency services plan said, more  by including it in their entry or visa fees
         solutions and innovative products to
                                            than a dozen countries from Aruba to  or by requiring proof of coverage, said
         IOB customers.
                                            Thailand now compulsorily require  insurer World Nomads.
         P.C. Kandpal, MD & CEO, SBI General  COVID-19 coverage for visitors, with
         Insurance, stated, "Our association with  Jordan being the latest to consider  Digitalization  helps
         IOB shall further strengthen our reach  such protections.
         and will help us in achieving another                                 maintain persistency levels
                                            According to travel insurance
         milestone for our mission of insuring  consultant Robyn Ingle, the market for of insurance policies
         Bharat. IOB's extensive reach in Tamil
                                            all types of COVID-19 travel coverage  Due to the uncertainties around life
         Nadu region will help in wide distribution
         of products to customers in the region.  is estimated to be between $30 billion  and money, people have been
         With this tie-up, we will offer well  to $40 billion a year with companies  prompted to opt for life insurance
         researched, unique, and customer-  like AXA and AIG underwriting      policies offering financial security amid
         friendly products to IOB customers."  protection. But a surge in demand for  the COVID-19 outbreak. Besides opting
                                            COVID-19 coverage also means       for new policies, people have become
         Partha Pratim Sengupta, MD & CEO,  insurers could be on the hook for big  increasingly conscious about staying
         Indian Overseas Bank, remarked, "We  payouts should another wave of   adequately protected, and that is why
         are delighted to partner with one of  infections lead to large numbers of  a significant population is renewing
         the leading players in General     cancellations or tourists getting sick.  policies on time.
         Insurance businesses  - SBI General
         Insurance. We will efficiently nurture it  Dan Richards, Chief Executive for  Persistency ratio is the ratio of life
         to be a long running mutually      travel risk and crisis management firm  insurance policies that receives timely
         beneficial relationship. This tie-up will  Global Rescue, said, "Travel insurance  premiums in the year and the number
                                            and protection services are taking off  of net active policies. The ratio for
         help expand our bouquet of Insurance
                                            at pace with travel as it resumes".  each year is calculated for an exposure
         product to our consumers."
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