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M. Ramesh

Chennai , March 18

IN the two years it has been in business, HDFC Chubb General Insurance Company has almost exclusively focused on motor insurance, although the company's US collaborator, The Chubb Corporation, is a leading player in `Directors & Officers Liability' and `Errors & Omissions' products.

In the current year, HDFC Chubb's premium income will be a shade over Rs 175 crore, (about Rs 60 crore last year). Close to Rs 160 crore of this would come from motor business. According to Mr Shrirang V Samant, Managing Director & CEO of HDFC Chubb, the motor portfolio is profitable, as per US GAAP standards.

The company believes that now is the time to change tack. "We will slowly bring down the motor business component. We will get into personal and commercial lines," Mr Samant told Business Line.

On offer from April 1, is a D&O policy with higher capacity. HDFC Chubb will provide insurance up to a sum of $10 million (Rs 45 crore), against $5 million now. Secondly, the company will bring into the market a reworked E&O policy.

The new E&O will cover US also. That is, if there is a suit against an Indian company in the US "the policy will respond," said Mr K V Prasad, Business Head - Commercial Insurance, HDFC Chubb.

The two reworked products — the D&O product with a higher coverage and the E&O product with a US coverage — are now possible because HDFC Chubb has made some "reinsurance arrangements" with The Chubb Corporation. Till now, the US company wanted to wait and watch the Indian market before making reinsurance commitments, Mr Samant said. The demand for these (D&O, E&O) products in India is growing exponentially, he said.

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