The rising number of damage claims, mostly from the industry, fire and motor segments, pouring in from the flood-hit states has the general insurance sector worried.
Since late June, several states like Assam, Bihar, Gujarat Haryana and Rajasthan have been hit by devastating floods, leading to heavy loss of lives and damage to livestock as well as property.
State-owned non-life insurer National Insurance Company has received a total of 209 claims so far from Gujarat and Assam with a value of around Rs. 23 crore. A majority of claims have been generated under the fire segment.
“Its a matter of concern that catastrophic losses which are essentially Black Swan events, are happening every year. This will put considerable pressure on property pricing,” National Insurance chairman Sanath Kumar told PTI.
