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24 Jun, 2020

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ICBA India report growing popularity of Trade Credit Insurance is one consequence of the pandemic

Throughout the pandemic The ICBA Indian team have been in frequent contact with the top Trade Credit Insurance underwriters in the Indian market, providing them with industry specific insights, so they are well positioned to pitch for India specific cases with their Regional offices or Boards.

India is a price sensitive market with regards to insurance in general. With Trade Credit Insurance the premiums are generally much higher than other general lines of insurance. Sometimes a single policy Trade Credit Insurance premium is equal to or a little higher than all the general insurance policies put together for a company.  Despite this, The ICBA India team report that the “current pandemic has brought the worst fear alive for many corporates in India. They are now willing to look at the availability of cover as a priority over price. This is certainly raising the popularity of Trade Credit Insurance.”

“Additionally, whilst many existing policyholders are facing challenges with limit withdrawals and reductions – they are not cancelling their policies.”

“This confirms to us that Trade Credit Insurance justifies its seat at the business table NOW, more than ever.” Suresh Khairwar, ICBA India

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