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R.Y. Narayanan

Coimbatore , May 10

ICICI Lombard General Insurance, a joint venture between ICICI Bank and Lombard Canada Ltd, is negotiating with some of the reinsurance companies for risk cover for the launch of weather insurance. Once the details are worked out with the reinsurance companies, the company is hopeful of launching it nationally before the North-East monsoon sets in later this year.

Speaking to Business Line here, Mr K. Bharathan, Regional Director, ICICI Lombard, Chennai, said the company had discussed with the Centre and various State Governments the issue of launching weather insurance and they were receptive to the idea.

He said the company had also tied up with the Met department for weather index and it would be possible to get from the department the data for all pin-coded areas in the country. He said it was also holding discussions with reinsurance companies for risk cover and once they give the green signal, the project proposals would be finalised and the approval of the Insurance Regulatory and Development Authority would be sought before launching this product.

Mr M.K. Dhinakaran, Area Manager-Business Development, ICICI Lombard, Coimbatore, said the company had test marketed the product in AP and Gujarat. Under this scheme, the insurers would be compensated for the loss in crop yield due to deficiency in rainfall.

Mr Bharathan said ICICI Lombard would be the first company to launch such a product in the country at the national level.

More Stories on : General Insurance | Climate & Weather

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