International insurance and risk management organisation, Gallagher, has 
announced the release of a Pandemic Group Insurance product, introducing a 
comprehensive COVID-19 indemnity cover solution to the India market. For 
essential workers and front-line services including hospital and healthcare 
providers, food distribution, and pharmaceutical manufacturers, this 
development presents a way forward amidst the current uncertainty.

Logo – https://mma.prnewswire.com/media/640603/Gallagher_Logo.jpg

Providing hospitalisation cover including ICU, road ambulance and access to a 
secondary medical opinion, the product includes access to all hospital types 
including private, government and military, with sums insured from 50,000 to 3 
million Indian Rupees. Coverage is applicable only if the insured member(s) 
is/are diagnosed with, and hospitalised solely for, COVID-19 following an 
initial 15 day waiting period. Travel and pre-existing health condition 
exclusions apply.

Vyvienne Wade, CEO of International Operations at Gallagher, provides more 
context. "Insurance is an instrument for social and economic good. Given the 
significant disruption and uncertainty that communities around the world are 
experiencing, insurance plays an integral role in maintaining business 
continuity. It is one way in which we can help clients to move forward with a 
degree of confidence at a time when the market is challenged by lockdown and 
travel restrictions."

"We sought to provide a comprehensive insurance solution that enables critical 
workers at the front line, and their families, to have access to hospital care 
including ICU. The online and paperless claims process is also easy to manage 
and supported by a dedicated health claims management team."

"Insurance products generally exclude pandemics, epidemics and infectious 
disease management in a commercial environment. As such, a COVID-19 specific 
solution for the India market presents a practical solution for the business 
community and our clients, and we are delighted to be able to reach this 
point," Wade concludes.

With reported confirmed COVID-19 cases approaching 30,000 and a death toll of 
more than 900, the number of lives claimed in India has escalated in recent 
weeks. Following revised guidelines issued by the Ministry of Home Affairs 
(MHA), a recent circular (15 April 2020) from the Insurance Regulatory and 
Development Authority of India (IRDAI) has asked insurers to provide group and 
individual insurance cover, using simple wordings and attached conditions.

The product is exclusive to the Indian market and requires a positive test 
report for Coronavirus disease (COVID-19) conducted from ICMR Authorized test 
Centre in India from National Institute of Virology, Pune.  Children below 18 
years are also covered if either parent purchases the policy, and only covers 
treatment provided in India.

Editor notes: 

    --  Global: Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance
        brokerage, risk management and consulting services firm, is
        headquartered in Rolling Meadows, Illinois. The company has
        operations in 49 countries and offers client service capabilities in
        more than 150 countries around the world through a network of
        correspondent brokers and consultants.
    --  India: Edelweiss-Gallagher was formed through a minority stake
        acquisition in Edelweiss Insurance Brokers Limited (EIBL) by
        Gallagher, in May 2019. Supported by a network of Sub-Brokers and
        Authorised Persons, the Group has strategic presence across all major
        cities and business hubs in India. EIBL is a subsidiary of Edelweiss
        Financial Services Limited, serving more than 1.2 million clients
        through a network of over 450 offices and 10,000 employees. Press
        release: here ( 
https://c212.net/c/link/?t=0&l=en&o=2790288-1&h=4141773015&u=https%3A%2F%2Fwww.edelweissfin.com%2Fdocuments%2F30595%2F0%2FEdelweiss%2520Gallagher%2520Press%2520Release--%2520May%25202019.pdf&a=here 
)
    --  Asia: Gallagher provides specialist insurance advisory capability in
        the Asian region from its Singapore regional hub, offering expertise
        in a range of commercial risks including construction, energy, marine
        & cargo, media & entertainment, property and trade credit & political
        risk. Our office has specialists that can assist you with all of your
        commercial insurance or benefits and HR consulting needs.

Media enquiries:

Steve White
Head of Marketing and Communications, APAC
M (UK): +44 7824 618 339 | M (AUS): +61 466 469944 |
steve.white@ajg.com.au 

Source: Gallagher