Mumbai, Oct. 17: HDFC Chubb General Insurance —the joint venture between HDFC and global non-life insurer Chubb Corporation — roared off the blocks today.
Starting with non-life insurance products under auto & home, accident, health and commercial insurance, the company will branch out into other areas later. The first policy it sold today was for auto insurance.
Speaking on the occasion, HDFC chairman Deepak Parekh said: “HDFC sees this as the culmination of our journey towards becoming a holistic financial services company.”
Chubb Corporation, one of the world’s largest non-life insurers founded in 1882, provides property and casualty insurance with over 10,000 employees in 32 countries.
“The collaboration between two companies that share the same values will see Chubb bring in its vast experience and knowledge of the general insurance industry, while HDFC, with its brand and distribution, will provide strength to Chubb’s distribution,” Parekh added.
HDFC Chubb plans to introduce three categories of non-life insurance products over the next few years. Auto & Home (personal lines) will be among the first products to be launched in the city. Later, accident & health covers will be offered through group accident policy, hospital cash (accident only). In addition, there will be a business travel policy (accident & sickness, single trip and annual multi-trip) that will be unveiled soon.
The venture will also look at providing cover for a spectrum — from commercial property to marine to casualty. “The ongoing reforms is unshackling intellectual and entrepreneurial talents to help India realise its full economic potential,” Chubb Corporation chairman and CEO Dean O'Hare said.