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Raheja QBE General Insurance Company Ltd is planning to launch new specialty products. “Our primary business area now is specialty products. We will be introducing new products in professional indemnity, D&O and CGL categories,” Mr Praveen Gupta CEO, Raheja QBE General Insurance Company, told Business Line here.
The company, which is 74:26 joint venture between Rajan Raheja group's Prism Cement Ltd and Australia-based QBE Insurance Group, is also working on new liability products.
“There is a need for specific liability products for some industries such as pharma, health and infrastructure sectors. QBE has good strengths globally in these and we will be bringing them to the Indian market soon,” he said.
Raheja QBE, which was granted certificate of registration by the Insurance Regulatory and Development Authority in December 2008, had already filed a liability product for clinical trials with IRDA.
In the health segment, it is awaiting approval from IRDA for a product on medical malpractices/medical complications, which would be offered as a top-up to regular health insurance cover.
“Similarly, we are also fling a port operations liability product, There will also be products in pleasure insurance credit, protection and indemnity for fleet owners,” he said.
In addition, Raheja QBE is also looking at offering standalone terrorism cover. “At present, General Insurance Corporation is running a pool with a limit of Rs 750 crore, We may be going beyond Rs 750 crore,” Mr Gupta said.
The company prefers to focus on product-development rather then involving itself in their distribution.
“Globally, QBE operates through intermediaries (largely brokers) and we will be adopting the same in India. As most of our products are niche products, we also believe in creating new markets for it here,” the CEO said.
The Mumbai-based company has just set up an office in Hyderabad to oversee business in the southern states.
“We thought this is important because of the business potential in the region in sectors including pharma, health and infrastructure in addition to retail,'' Mr P. Umesh, Senior Vice-President (South) – Raheja QBE said.
The company, which is expecting to achieve break-even next year, is ‘sufficiently capitalised' at Rs 200 crore, according to Mr Gupta.
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