E-commerce firms face greater risks of revenue loss as they depend on delivery executives who are more likely to contract the respiratory disease given the nature of their operations
MUMBAI: With coronavirus case count soaring across the country, e-commerce companies such as Flipkart, Zomato, Swiggy, BigBasket, and Amazon have started offering insurance cover and income protection plans for their delivery partners, local vendors, and supply chain associates.
Most have purchased medical insurance covers ranging from ₹50,000 to ₹5 lakh for their delivery workforce, both on-the-rolls and freelance staff.
“Companies, mostly in the e-commerce sector, who have frontline workers and delivery boys, are now buying insurance plans with sum assured of up to Rs. 5 lakh per person to cover against covid-19 risks. The premium for such products is around ₹2,500,” said Sanjay Datta, chief of claims, underwriting and reinsurance at ICICI Lombard General Insurance Co. Ltd.
Premium for all-inclusive health insurance products that cover other health risks is ₹3,000-4,000 depending on the tenure which varies from 3.5 months to 6.5 months or 9.5 months. The size of the employees’ medical insurance business (taken by companies) have been Rs. 7,000-8,000 crore, which is now poised to grow at 30-40%, Datta added.
Source: livemint
