Indian insurance players team up

The Export Credit Guarantee Corporation of India (ECGC), the country's only specialised export credit risk insurer, has reportedly partnered with United India Insurance Company to provide an integrated insurance solution.

The strategy is being adopted in response to perceived competition from general insurance companies, who have been offering exporters risk coverage for both credit and transit.

Under the partnership, the ECGC has negotiated a single, standard premium rate with United India for transit insurance issuance regardless of goods and destination. This means that exporters insuring credit lines will now receive cargo transit cover from United India.

"Along with our credit insurance policy we will also offer transit risk insurance for the export cargo at no extra cost. ECGC will bear the premium charged by the United India for covering the cargo," comments A.V. Muralidharan, chairman of the ECGC.