Economy

CAIT writes to FM seeking insurance cover for coronavirus-hit businesses

PTI New Delhi | Updated on March 15, 2020 Published on March 15, 2020

Traders’ body CAIT has appealed to Finance Minister Nirmala Sitharaman to direct regulator IRDAI to mandate insurance firms to introduce coverage for disruptions to businesses on account of the coronavirus outbreak.

In a letter to Sitharaman, CAIT suggested that insurance companies may be mandated to introduce ‘disruptions due to coronavirus’ as an additional cover to fire and materials damage policies, and the existing policyholders may be offered an option to add the additional cover.

Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal highlighted the need for insurers to come up with need-based policies like cover against mosquito-borne diseases and vector-borne diseases, which can cover hospitalisation expenses due to coronavirus or fixed benefits upon its diagnosis.

CAIT has also sent a similar representation to Commerce Minister Piyush Goyal to take up the matter with Finance Ministry.

Published on March 15, 2020
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.