Chubb Corporation Lines Up Customised Risk-Cover Deals

Chubb Corporation, the $23-billion US-based insurance company, has spent the last three years modifying its niche finance and infrastructure insurance products to suit the needs in India.

The company plans to introduce these products in the country when the domestic insurance sector is opened to foreign investors.

Chubbs India country manager, Mark Mileusnic, said the company has conducted an exhaustive study of the domestic financial institutions and has kept abreast of the developments in the key infrastructure segment.

We are studying the Indian market closely. India is certain to see huge investments in the infrastructure segment during the next decade. We are constantly chiselling our main products, which are in the areas of infrastructure and finance, to suit the conditions in this country, he said.

 

Highlighting the ability of companies such as Chubb in providing expertise and the potential for technology transfer to Indias insurance industry, Mileusnic pointed out Chubbs specific interest in promoting the process of risk management to Indias business entities.

He said the pace of liberalisation of the insurance sector in the country has been satisfactory, noting the important role insurance plays in economic development by providing the safety net foreign capital seeks for projects in developing countries, particularly for infrastructure and manufacturing projects involving advanced technologies.

Mileusnic said he looked forward to the Budget next month for further announcements on the deregulation of the sector. He pointed out that the setting up of the Insurance Regulatory Authority (IRA) is a step forward and added that it is critical for the successful reform of the Indian insurance market to develop an adequate regulatory framework based on open market principles, which will best serve the interests of all insurance buyers.

He also lauded the recognition of the insurance sectors inter-relationship with the other financial markets and its role as an integral part for reforming the larger financial services industry.

Chubb Corporation operates in 30 countries including some in Asia. Chubb is one among the several companies such as Commercial Union, General Accident and Royal Sun Alliance, to have shown an interest to in the Indian insurance market.