Covid-19 has impacted all economies very badly. Indian economy has suffered a loss of Rs 10 lakh crores due to Covid-19 . The insurance companies were on the forefront to deal with Covid related issues and have introduced new innovative policies which among others will cover Job losses, revenue losses and short term policies ” said officials and speakers from insurance industry on a webinar *”COVID-19 Pandemic and Insurance Industry Response”* organized by Federation of Telangana Chambers of Commerce and Industry (FTCCI) today at Hyderabad partnering with Visista Insurance Broking Solutions
Opening the webinar Karunendra S Jasti, President FTCCI said “ Covid-19 created a situation where everyone and every sector is affected. We all look upto insurance industry to come up with innovative products and pro-active user friendly services specially during these times. The need of the hour is to design policies to cover job losses for individuals and revenue losses for industry . Insurance industry should help mitigate losses and ensure Business continuity ”
The Webinar speakers included
Mr G Srinivasan Director National Insurance Academy
Mr Joseph Augustine CEO Axa XL Reinsurance Co
Ms. Anamika Rastrawar CEO IFFCO Tokio General Insurance Company
Mr Nagaraja Sarma Secretary General of General Insurance council
Moderating the session Mr. Padmarao Sevella, COO Visista Insurance Broking Services Private Limited said “ The Most affected sectors during Covid-19 are :
- Hospitality
- Travel
- Tourism
- Malls
- Retail
- Food
- Aviation
- Automobile
- Supply Chain & Logistics
- Construction
- Entertainment
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- Stoppage of operations
- Slump in demand
- Logistics constraints
And Unemployment has resulted in loss of wages and salaries pay cuts in lower incomes which resulted in delay / default of receivables. Lot of self made people were thrown out of occupations ( Care[penters; house maids; vendors; masons; daily wages)
Mr. Nagaraja Sharma Secretary General of General Insurance council has highlighted the positive steps by Insurance Industry such as
- Offered to renew polices without prior receipt of premium
- Special health insurance policies are designed in view of special requirements of the Covid-19 treatment
- Policies designed to cover loss of income and job to victim due to covid-19
- Policies designed to cover expenses for treatment at home during quarantine
- Short term health insurance policies introduced
Ms Anamika spoke about how insurance companies have strengthened their systems and are delivering seamless services to the customers in the light of the New work culture of work from home .
Mr Augustine has highlighted the ways global insurance community is dealing with the losses caused by the pandemic.
Mr Srinivasan has opined that the health insurance and life insurance policies have now found wider acceptance and customers are looking to insure themselves.
(SOURCE: hybiz.tv- July 21, 2020)
