Page 5 - Insurance Times April 2021

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."
The Insurance Times, April 2021 5