 "HDFC Ergo bullish on art insurance segment in India")
HDFC Ergo General Insurance Company is bullish on the future growth prospects of art insurance segment in India.
Still in a nascent stage, the segment is poised for big strides in future, since art collection is now moving from realms of interest and passion towards long term investment.
In India, the concept of art insurance is not in currency unlike USA and Europe, where it is quite popular, company's head (operations & services group and administration & facilities) Ankur Bahorey said here this evening.
With sizeable scattered inventory of valuable artistic objects, the value of art that can be insured in India is estimated at Rs 6,000 crore. However, only a small fraction is covered with art insurance policies.
HDFC Ergo launched art insurance policy about two years back and have so far served both individual and corporate clients, company's senior vice president (underwriting and structured solutions group) Hari Radhakrishnan said.
Besides, public sector general insurance companies also offer similar art insurance products. But, the penetration is still quite low.
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To raise awareness about art insurance and reach prospective clients, HDFC Ergo plans to proactively reach out to art galleries, traders, large collectors, investment companies etc.
The company offers insurance for connoisseurs of art, thereby meeting the needs of corporate collectors, individual collectors, fine art dealers, museums, antique dealers and art exhibitions.
Premium for art insurance policy depends upon factors, such as sum insured, art type (antique furniture, musical instrument, statue, sculpture), security measures available at the premises, coverage, geography and type of collector.
HDFC Ergo's art insurance policy covers, defective title, automatic reinstatement, replacement of keys and locks, temporary storage costs and exhibitions covers.