Phoenix Mills secures India’s first pandemic business cover

The parametric insurance policy was launched by New India Assurance.

Phoenix Mills Ltd. has become the first company in India to obtain coverage for pandemic-related business interruptions through a parametric insurance policy launched by New India Assurance and reinsured by Munich Re.

Structured by Gallagher Insurance Brokers, the policy protects Phoenix Mills’ malls, hotels, and offices across India against revenue losses and extra expenses from epidemic events, with payouts based on predefined triggers for faster claims.

The initiative marks a milestone in developing non-damage business interruption (NDBI) cover in India, it said in a press release.

The launch was held at Mumbai’s Jio World Convention Centre with senior leaders from all three firms in attendance.