The Hindu Business Line : ECGC, United India tie up to offer free marine cover

Chennai, May 16 Export Credit Guarantee Corporation (ECGC) on Friday entered into an agreement with fellow-public sector insurance company, United India, to offer free marine cover to its exporter-customers.

The marine cover will be an add-on benefit to ECGC’s policyholders. “The cost of the insurance cover will be borne by ECGC,” Mr A.V. Muralidharan, Chairman and Managing Director, ECGC, told a press conference here on Friday. “Under one roof, the exporter will get both export credit insurance as well as marine insurance,” Mr Muralidharan said.

The Chairman and Managing Director of United India Insurance, Mr G. Srinivasan, noted that United India had expertise in marine insurance while ECGC was an expert in overseas credit insurance.

ECGC covers the credit that Indian exporters give to their customers — if the customer fails to pay, ECGC will. Last year, ECGC earned premium income of Rs 668 crore and paid claims worth Rs 419 crore. ECGC intends to launch domestic credit insurance cover and is awaiting regulator approvals, Mr Muralidharan said.

Asked about the premium ECGC expected to pay United India for the free marine cover it would give its customers, Mr Muralidharan declined to comment on the ground that any mention of numbers would give away the rates.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Forex reserves rise to $312.7 b

Re closes higher in volatile market

‘S. Asian countries need to move towards electronic payments’

Rs 100 service fee for $10,000 forex deal

Muthoot Capital net up

LIC to push sale of traditional policies

ECGC, United India tie up to offer free marine cover

‘ICICI Bank circular discriminatory’

LVB opens technology centre

Govt likely to issue Rs 35,000 cr of oil bonds

Bond prices fall

Call rate closes at 6-6.25%

ISO for SKS Microfinance

Centre appoints EDs in 3 banks