Bajaj Allianz General Insurance Unveils ClimateSafe:
Instant Claims and Tailored Protection Against Climate Risks
§ On-the-Spot
Policy Issuance, 100% Digital
§ Customers
can Buy Multiple Policies during the Year
§ Risk
Period could be as short as 1 day
§ Automatic
Claim Settlement within 7 Days
Pune, April 26, 2025: Bajaj Allianz General Insurance Company, one of India's leading private general insurers, has announced the launch of its innovative parametric insurance product – ‘ClimateSafe’. Given the increasing frequency of climate-related risks, this product is designed to provide financial protection to those who are significantly vulnerable to the impact of climate change.
This industry-first climate risk insurance is specifically tailored
to meet the needs of retail customers, office goers, auto/taxi drivers, retail
shop owners, delivery agents, home service professionals, gig workers, home
residents, and event attendees facing climate-related income loss or increased
expenses due to climate-related risks, including extreme heat, cold waves, and
excessive rainfall.
ClimateSafe Insurance
covers increased living costs due to higher electricity use, unexpected commute
expenses, reduced sales from fewer customers during extreme weather, supply
chain delays from flooding, leaks from prolonged rainfall, accidents caused by
excessive rain, loss of income for daily wage workers due to severe weather,
damage to household items from floods and heat waves, and event cancellations
due to adverse weather.
ClimateSafe is a revolutionary product that enables
customers to easily buy climate risk insurance multiple times during the year,
with automatic claim settlements happening within seven days without any intimation
required from the customer and minimal documentation requirements. It features
dynamic pricing with predefined triggers and tailored premiums based on
real-time climate data. Customers can self-select their risk location, risk
period (from 1 day to 30 days), weather risk (excessive rainfall, low
temperature, high temperature), and sum insured. Customers can buy climate risk
cover from the Bajaj Allianz General Insurance’s website, Caringly Yours mobile
app, and their other distribution channels.
Speaking on the
announcement of ClimateSafe, Dr. Tapan Singhel, MD & CEO, Bajaj
Allianz General Insurance, said, "Climate change
is no longer a distant threat. It is a reality that affects our daily lives in
visible and often disruptive ways. From flight cancellations due to extreme
weather to delays in logistics, supply chains and daily commutes, the financial
and emotional toll of climate-related events is steadily increasing. At Bajaj
Allianz General Insurance, we believe it is time to act decisively.
With our customer-first
mindset and a legacy of innovation, we have introduced ClimateSafe, a
first-of-its-kind climate risk protection policy in India. This product is a
direct response to the urgent and growing need to safeguard livelihoods from
the increasing unpredictability caused by climate change.
ClimateSafe is more than
just a policy. It is a commitment to protect people from financial losses that
arise from climate-induced disruptions. By anticipating tomorrow’s challenges
today, we are empowering individuals to navigate this evolving reality with
resilience and peace of mind.’’
ClimateSafe Insurance offers quick financial relief,
as automatic payouts based on predefined triggers provide quick financial
support, helping manage immediate needs. It is more affordable than traditional
insurance with reduced administrative costs. The process is hassle-free, making
it a great option for various customer needs.
***************************
About Bajaj Allianz General Insurance
Bajaj Allianz General Insurance stands as India's premier private general insurance company. It is a collaborative effort between Bajaj Finserv Limited, India's most diversified non-bank financial institution, and Allianz SE, the world's leading insurer and largest asset manager. Bajaj Allianz General Insurance provides a wide range of general insurance products, including motor insurance, home insurance, and health insurance, along with distinctive insurance offerings like coverage for pet insurance, weddings, events, cybersecurity, and the film industry.
The
company commenced its operations in 2001 and has consistently expanded its
reach to be in close proximity to its customers. Presently, it maintains a
presence in nearly 1,500 towns and cities across India. Notably, Bajaj Allianz
General Insurance holds the issuer rating of [ICRA]AAA from ICRA Limited,
signifying the highest level of assurance regarding the punctual fulfilment of
financial commitments.
