Business Daily from THE HINDU group of publications
Wednesday, Jan 17, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jan 17, 2007 ePaper |
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Money & Banking
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General Insurance Industry & Economy - SSI SIDBI, ICICI Lombard tie-up to cover SMEs Our Bureau
Mumbai , Jan 16 Small Industries Development Bank of India (SIDBI) has tied up with ICICI Lombard General Insurance Company Ltd for providing non-life insurance products to SIDBI-assisted units in the Small and Medium Enterprise and Micro-finance sectors. Under this arrangement, ICICI Lombard will offer three categories of non-life insurance products: asset insurance (fire, burglary of machinery and other assets); creditors insurance; and rural insurance solutions such as weather and health insurance. "The growing risks in an evolving marketplace have highlighted the need for insurance in the micro-finance and SME segments. We are confident that these growing sectors will provide great opportunity for penetration of insurance products," said a press release quoting Mr Sandeep Bakhshi, MD and CEO, ICICI Lombard General Insurance Company Ltd. ICICI Lombard will distribute non-life insurance products through SIDBI's 59 branches in India, in addition to distributing through its 180 offices across the country.
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