Indians spend their savings over a lifetime to buy a house and equip it with appliances, furniture, etc. However, less than 1% of them have any kind of home insurance. In terms of value, less than 2% of the business of non-life insurers comes from home insurance.
In the absence of climate risk insurance, natural catastrophic bonds, etc., home insurance is the only cover which can provide some decent compensation to people whose properties are destroyed as a result of a natural calamity or acts of vandalism.
