 "Miscellaneous insurance sees customer demand")
Miscellaneous insurance segment, which was seen as a small area of business among general insurance companies, has seen a rise in premium numbers owing to rise in customer demand.
With packaged policies being developed in this segment, insurance companies said that more customers were eager to buy these plans.
Sanjay Datta, head-underwriting and claims at ICICI Lombard General Insurance said that miscellaneous insurance, especially in the area of travel insurance.
Apart from travel insurance, ICICI Lombard offers insurance policies like wedding insurance, office package policy and workmen's compensation policy among others.
According to data from Insurance Regulatory and Development Authority (Irda), miscellaneous category (all others) accounted for Rs 8,397.19 crore premium for FY13, up from Rs 7049.37 crore collected in FY12. Of this, public general insurers accounted for Rs 6,598.94 crore premium.
K G Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance said that miscellaneous insurance is a big segment as several categories are included in it. "With the package policies offered by insurance companies in this segment on the rise, this segment is picking pace," he said.
The miscellaneous insurance segment includes items such as travel insurance, fidelity insurance, workmen compensation policy, weather insurance policy among others. Some insurance companies include aviation in the miscellaneous category, while others treat it as a separate category.
Niche areas of insurance are a feature of the miscellaneous category. ICICI Lombard, for instance, has a package policy meant for shopping malls, multiplexes, cinema halls, hyper malls, and offers cover against fire, burglary, and other perils.
Similarly, Fidelity Insurance policies, that are offered by both public and private general insurers, offers cover against financial loss on account of forgery, embezzlement and other fraudulent activities by employees.
The Plate Glass Insurance Policy is a another miscellaneous product protects plate glass installations against the risks like theft, fire or accidents which would damage the structure. Large real estate and construction firms take this policy to minimise financial losses due to such incidents.
Future Generali India Insurance offers Golf insurance scheme, that covers damage/theft to golfing equipment, personal accident cover in case of death, hospitalisation cover and dental cover, among others to a policyholder.
Roopam Asthana, CEO and Whole-time Director, Liberty Videocon General Insurance said that areas like weather based crop insurance, cattle insurance and to a small extent home and travel insurance have seen growth in miscellaneous segment.
Public general insurers have also begun to offer customised products. New India Assurance, for instance, offers Neon Sign Insurance in respect of loss or damage to the neon sign installation. It covers loss or damage to the neon sign installation by accidental external means fire, lightning, external explosion and theft.
With packaged policies being developed in this segment, insurance companies said that more customers were eager to buy these plans.
Sanjay Datta, head-underwriting and claims at ICICI Lombard General Insurance said that miscellaneous insurance, especially in the area of travel insurance.
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ICICI Lombard has a comprehensive travel insurance policy which offers cashless hospitalisation benefits, medical assistance for family back home and coverage for all baggage including handbag.
Apart from travel insurance, ICICI Lombard offers insurance policies like wedding insurance, office package policy and workmen's compensation policy among others.
According to data from Insurance Regulatory and Development Authority (Irda), miscellaneous category (all others) accounted for Rs 8,397.19 crore premium for FY13, up from Rs 7049.37 crore collected in FY12. Of this, public general insurers accounted for Rs 6,598.94 crore premium.
K G Krishnamoorthy Rao, MD & CEO, Future Generali India Insurance said that miscellaneous insurance is a big segment as several categories are included in it. "With the package policies offered by insurance companies in this segment on the rise, this segment is picking pace," he said.
The miscellaneous insurance segment includes items such as travel insurance, fidelity insurance, workmen compensation policy, weather insurance policy among others. Some insurance companies include aviation in the miscellaneous category, while others treat it as a separate category.
Niche areas of insurance are a feature of the miscellaneous category. ICICI Lombard, for instance, has a package policy meant for shopping malls, multiplexes, cinema halls, hyper malls, and offers cover against fire, burglary, and other perils.
Similarly, Fidelity Insurance policies, that are offered by both public and private general insurers, offers cover against financial loss on account of forgery, embezzlement and other fraudulent activities by employees.
The Plate Glass Insurance Policy is a another miscellaneous product protects plate glass installations against the risks like theft, fire or accidents which would damage the structure. Large real estate and construction firms take this policy to minimise financial losses due to such incidents.
Future Generali India Insurance offers Golf insurance scheme, that covers damage/theft to golfing equipment, personal accident cover in case of death, hospitalisation cover and dental cover, among others to a policyholder.
Roopam Asthana, CEO and Whole-time Director, Liberty Videocon General Insurance said that areas like weather based crop insurance, cattle insurance and to a small extent home and travel insurance have seen growth in miscellaneous segment.
Public general insurers have also begun to offer customised products. New India Assurance, for instance, offers Neon Sign Insurance in respect of loss or damage to the neon sign installation. It covers loss or damage to the neon sign installation by accidental external means fire, lightning, external explosion and theft.