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India : NIC plans to come up with credit insurance product.

Shortly, the National Insurance Company (NIC) plans to re-enter the credit insurance market.

Already, the firm has won approval from the Insurance Regulatory and Development Authority (IRDA) to introduce a credit insurance product, says, N.S.R. Chandraprasad, Chairman and Managing Director.

NIC has joined hands with France-headquartered Tinubu Square which is into credit insurance across the globe for technical know-how.

Business houses selling on credit terms in the domestic and export markets are offered with credit insurance, which aims at protecting the business house against non-payment following a customer s insolvency or default.

Earlier, NIC had a credit insurance product, which proved to be unsuccessful, with the insurer garnering business only worth Rs 2-3 crore per year. Later, when the IRDA banned the sale of any form of credit insurance in 2010 following huge claims on a cover granted by the state-owned Oriental Insurance to Paramount Airways, the product was completely phased out.

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Publication:Mena Report
Date:Oct 3, 2012
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