Bajaj Allianz to hike terrorist action pool

MUMBAI: Bajaj Allianz General Insurance Company is planning to increase its financial pool under terrorist actions from the current level of Rs 200 crore to a whopping Rs 1,000 crore by 2007 or 2008.
"The hike in financial pool comes in the wake of an accumulation of funds at our end and the scheme would be mainly for corporates and individuals," Bajaj Allianz CEO Sam Ghosh said here on Friday.
Insurance under terrorist action was a rider with many of the company''s general insurance schemes and would be sold through the company''s existing channels and Bancassurance partners, he added.
Bajaj Allianz, which has many large Indian corporates as its clientele, claims to be one of the few companies to provide terrorist insurance cover in the country.
A joint venture company between automobile major Bajaj Auto and Allianz Group of Germany, Bajaj Allianz, which received Insurance Regulatory and Development Authority (IRDA) approval in May 2001, sells an array of 45 insurance products in the country.
The company posted a premium written of Rs 206 crore for the current year up to December 2002.
As per the IRDA, the risk insurance under terrorist activities should be merged with into fire, industrial risk and other engineering risk covers.
Corporates and PSUs with high-value assets like refineries, power plants, hydel stations, ports, manufacturing facilities opt for terror risk cover.