L to R -Alpana Singh, Head – Bancassurance, Agri and Govt Business, Bajaj Allianz General Insurance (BAGIC),Kripan Ghosh, Deputy Director General and Head, Agricultural Meteorology Division, Climate Research and Services, IMD Pune, Tapan Singhel, MD & CEO,BAGIC at an event in Pune to launch ‘ClimateSafe’
Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, ” It is an innovative product that enables customers to easily buy climate risk insurance multiple times during the year, with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements.”
Pune: Bajaj Allianz General Insurance has launched an innovative parametric insurance product – ‘ClimateSafe’, offering quick financial relief, as automatic payouts based on predefined triggers providing quick financial support, helping manage immediate needs of the customers.
Given the increasing frequency of climate-related risks, this first-of-its-kind climate risk protection policy in India is designed to provide financial protection to those who are significantly vulnerable to the impact of climate change.
It is specifically tailored to meet the needs of retail customers, office goers,auto/taxi drivers, retail shop owners, delivery agents, home service professionals, gig workers, home residents, and event attendees facing climate-related income loss or increased expenses due to climate-related risks, including extreme heat, cold waves, and excessive rainfall.
It is an innovative product that enables customers to easily buy climate risk insurance multiple times during the year, with automatic claim settlements happening within seven days without any intimation required from the customer and minimal documentation requirements.
The cover features dynamic pricing with predefined triggers and tailored premiums based on real-time climate data.
Customers can self-select their risk location, risk period (from 1 day to 30 days), weather risk (excessive rainfall, low temperature, high temperature), and sum insured.
Speaking on the announcement of ClimateSafe, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, ” We have introduced ClimateSafe, a first- of-its-kind climate risk protection policy in India. This product is a direct response to the urgent and growing need to safeguard livelihoods from the increasing unpredictability caused by climate change.”
Climate change is no longer a distant threat. It is a reality that affects our daily lives in visible and often disruptive ways. From flight cancellations due to extreme weather to delays in logistics, supply chains and daily commutes, the financial and emotional toll of climate-related events is steadily increasing, said Bajaj.
ClimateSafe Insurance covers increased living costs due to higher electricity use, unexpected commute expenses, reduced sales from fewer customers during extreme weather, supply chain delays from flooding, leaks from prolonged rainfall, accidents caused by excessive rain, loss of income for daily wage workers due to severe weather, damage to household items from floods and heat waves, and event cancellations due to adverse weather.
It is more affordable than traditional insurance with reduced administrative costs. The process is hassle-free, making it a great option for various customer needs.
Earlier, during the year Digit Insurance had partnered with K.M. Dastur Reinsurance Brokers (KMD) to introduce one of India’s first Air Quality Index (AQI)-based parametric insurance policies for 6,200 daily wage construction workers in the Delhi NCR region against income loss due to construction bans triggered by severe air pollution..
With rising pollution levels in Delhi NCR leading to frequent government-imposed construction bans, thousands of migrant workers have been facing disruptions to their livelihoods.
The newly launched Digit Parametric Insurance Policy will provide financial support of up to Rs 6,000 per worker if the daily AQI exceeds 400 beyond two strikes.
A strike is defined as occurring when the AQI crosses 400 for at least three out of the previous five days.
The claim payout will be automatically triggered once this threshold is breached twice, with a minimum gap of 25 days between each strike, the release said.