Results captured for both smaller and bigger firms indicate that companies focus primarily on employee and asset related risks. While most companies have group medical #insurance, accidental insurance and insurance against damage to their asset or machinery, they have limited protection against liability related high impact risks. In fact, new age risks such as
With respect to assets, fire & special perils (76 per cent) was on top of the list, followed by plant/machinery insurance (59 per cent) and construction all risk (56 per cent). Others like ports & harbour coverage and fidelity guarantee was only taken by 18 per cent of respondents.
Similarly, on liability, covers like Directors & Officers Liability (36 per cent) and Commercial General Liability (25 per cent), apart from public liability (20 per cent) was not very prevalent among #India Inc.
Sanjay Datta, Chief-Underwriting, Reinsurance and Claims, #ICICI Lombard General Insurance said, “It is important that companies realize that they need to cover their operations against various risks even as they pursue growth through incremental as well as disruptive modes.”
The study, spread across 292 companies spanned technology, BFSI, steel, cement, pharmaceutical, petro & energy, engineering & manufacturing, FMCG, reality and infrastructure, mining & minerals, healthcare & hospitality, transportation & logistics, media & entertainment, auto & auto ancillary and telecom. It revealed that many industries which have high exposure to certain risks do not have adequate risk cover.