Regulator Irdai has proposed changes in fire and allied policy covers to increase insurance penetration for dwellings, offices, hotels and shops that suffer big economic losses due to natural calamities.
Recent catastrophic events such as floods in northern parts of India and in Chennai as also Hud Hud Cyclone have revealed that economic losses are much higher than insured losses, said Insurance Regulator and Development Authority of India (Irdai).
