South Asia:Insurers contribute funds for COVID-19 initiatives

Insurers in a number of South Asian markets are contributing substantial amounts to their respective governments for various emergency and relief measures to fight COVID-19.

India’s largest life insurer, Life Insurance Corporation of India has contributed INR1.05bn ($13.8m) to the prime minister's citizen assistance and relief in emergency situations fund set up for the COVID-19 pandemic. In a press statement, the life insurer said that of the total amount, a sum of INR50m has been donated from LIC's golden jubilee fund.  Employees of national reinsurer, GIC Re have contributed INR230m ($3.02m) to the fund.

In Nepal a number of insurers are donating to the government’s COVID-19 Fund, which has been established to control the spread of coronavirus and for the treatment of those infected with the virus. The government owned Rastriya Beema company has donated INR20m and Nepal life insurance has donated INR10m to this fund. The country’s sole reinsurer, Nepal Re has contributed INR11.1m to the fund.

In Sri Lanka, state owned Sri Lanka Insurance contributed SLR5m ($25,800) to the COVID-19 health and social security fund set up by the president of Sri Lanka.

Source: Asia Insurance Review