HDFC ERGO launches Business Kisht Suraksha cover
HDFC ERGO General Insurance has launched the “Business Kisht Suraksha” cover. It is a unique cover which was launched with the aim of protecting the balance sheet of Micro finance Institutions (MFIs), financial institutions and banks if any catastrophe or natural disaster occurs.
Business Kisht Suraksha
This was launched with the aim of limiting the impacts on balance sheet of financial institutions which occurs because of non-payment of EMIs by borrowers or because of several calamities like earthquakes, floods, cyclones. The Business Kisht can be customised as per the needs of the individual MFI or financial institution (FI). It can also be tailor-made based on the geographical presence of the borrower, MFI or any FIs. The MFIs or FIs would also be given the option to select the number of EMIs which might need insurance coverage.
HDFC ERGO General Insurance Company
It is a 51:49 joint venture firm between HDFC and ERGO International AG which is the primary insurance entities of Munich Re Group in Germany. ERGO operates in the insurance field under BFSI sector. HDFC ERGO offers the products in corporate, retail and rural sectors. The retail sector products include motor, health, home, travel, cybersecurity policy and personal accident. The Corporate products include marine, liability and property insurance while the Rural sector is meant for the farmers with crop insurance and cattle insurance. The merger of the HDFC ERGO Health Insurance and HDFC ERGO was completed and came into effect in November 2020. This was the second successful merger of insurance sector in India.
Housing Development Finance Corporation Limited (HDFC)
It is a financial services company based in Mumbai. It is a major housing finance provider across India. The company has its presence the sectors like banking, life and general insurance, venture capital realty, asset management, deposits, education and education loans.
Category: Economy & Banking Current Affairs