Climate risks and rising costs are widening protection gaps across Asia's insurance market, driving companies to captives and self-insurance and posing a challenge for insurers.
The firm is targeting growth in regions where cargo delay risks are highest, while advancing its use of AI, blockchain, and smart contracts to modernise global logistics insurance.
Phoenix Mills becomes the first Indian company to secure parametric trigger-based insurance to protect against pandemic- or epidemic-related business interruption losses.
The talks also cover potential funding mechanisms for the scheme, including the use of disaster relief funds or small deductions on utility bills, according to a government official cited by Reuters.
