HDFC Chubb awaits IRDA nod

PUNE: HDFC Chubb General Insurance Company Ltd (HDFC-Chubb) has line up a new home product which is currently awaiting approval from the IRDA.
The product does away with the standard home product which requires a full list of all goods. Instead, the HDFC-Chubb product requires a total value of all household goods to be insured.
"The regulator says there is an overlap between the tariff and non-tariff issues which is why it is still awaiting clearances from the IRDA," said Shrirang V Samant, managing director and CEO, HDFC-Chubb.
Another product which the general insurance company has submitted to the regulator and is awaiting its nod is for the business pack-age policy. This covers all potential risk and hence is different from the standard business cover. IRDA would like this to be tariff compliant, too, Mr Samant said. He was in Pune to inaugurate HDFC-Chubb’s office in the city, the fifth city in which it has opened an office.
"We are looking at private sector banks for a bancassurance tie up. Currently we have a corporate tie up with HDFC Bank. But we want to clear some issues over bancassurance before this happens," Sawant said.
Among the new products which the general insurer has launched are those for Directors and Officers (D&O), Errors and Omissions (E&O) and Comprehensive General Liability (GCL), which is largely tortrelated.
"The E&O product is meant only for IT, BPO and ITES companies. We have already covered about six companies in IT and a similar number of BPO companies. We expect to cover one to two companies a month," he said. One reason for the insurance company set-ting up an office in Pune was to target this segment.
The D&O product, which covers the directors and top management of a listed company against share holder litigation for negligence or dereliction of duty. Mr Samant said this potentially a "huge" market but in India, share holder activism is not a force corporates have to deal with. Should that happen, more corporates would look at such products.