• HDFC ERGO General Insurance has launched a product called “Business Kisht Suraksha”, to provide a unique cover to MFIs, financial institutions and banks in the event of a catastrophe or natural disaster.
• The Business Kisht Suraksha aims to protect the balance sheet of financial institutions due to non-payment of EMIs by borrowers, following listed calamities such as floods, earthquakes, cyclones, etc.
• The new product will address these concern by indemnifying against the climatic changes and also protecting financial institutions from rising NPAs occurring.
• Business Kisht can be customised as per the needs of an individual MFI or financial institution.
• The product can also be tailor-made depending on the geographical presence of the borrower, MFI or any financial institution according to the perils/climatic conditions that the location is prone to.

HDFC ERGO General Insurance Company

• It is a 51:49 joint venture firm between HDFC and ERGO International AG which is the primary insurance entities of Munich Re Group in Germany. ERGO operates in the insurance field under BFSI sector. HDFC ERGO offers the products in corporate, retail and rural sectors.