ICICI Lombard to offer product for natural calamities

ICICI Lombard to offer product for natural calamities
Private insurer ICICI Lombard has said that it is in the process of developing a product for natural calamities like the floods in Bihar.

"For the situations like Bihar floods, we will soon be offering catastrophe products. We are in the process of developing the same," Pranav Prashad, Head-Rural Vertical, ICICI Lombard said on Sunday.
He said for the farmers, "we do offer products like Weather Insurance, Cattle Insurance and Health Insurance". These policies cover a certain amount of financial losses suffered by the subscriber.
On the market size of the rural insurance sector and the share of ICICI Lombard, Prashad said, "We are pioneers in offering insurance products for the rural masses in India. This is part of the company's focus of financial inclusion and reaching out to the socio-economically challenged as well as those located in the remote areas of the country."
He further said general insurance contributes only 0.6 per cent of the country's GDP. "This effectively means that the benefits of insurance services are yet to reach the majority of the country's population. As India's leading private sector general insurance company, our effort is to raise its GDP contribution to over 1 per cent".