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Tsunami' has wreaked havoc in the coastal regions of South India killing over 112500 and injuring several others for the first time. While there are separate covers for 'tsunami' abroad, this being the first time that it has struck the Indian coast none of the general insurance companies offer any coverage for it. But then, say some insurers, tsunami can be categorised under earthquakes considering their similarity except that this one was at sea.
Kamesh Goyal, CEO, Bajaj Allianz General Insurance chats up on what kind of impact the disaster will have on the insurance industry.
Does any insurance company in India cover tsunami?
As of now no insurance company in India offers any insurance cover for peril like tsunami. However the devastation that has occurred due to the earthquake in the sea leading to tidal waves splashing the coastal areas would be covered under the Standard Fire and Allied Perils, provided the insured has opted for an earthquake extension cover. These covers are generally taken by industrial clients.
Are there separate covers for tsunami abroad?
Yes, its covered as a part of earthquake related natural perils in Property Insurance.
What kind of impact will the tsunami disaster have on the general insurance industry?
The tsunami disaster would definitely impact the reinsurance premium for catastrophic losses in the Asian region. The reinsurance premium would harden after the recent tsunami disaster.
How many claims applications do you expect to come in due to the devastation caused?
It will take atleast a week to assess the losses as we are still waiting for the losses to be reported by the insured. Our exposure would be for Marine losses, Hull insurance cover for barges, Motor Insurance etc. We may not have major exposure of such claims in Chennai which had borne the brunt of tsunami.
Give us the insurance perspective to the tsunami disaster pls
The tsunami disaster is a new phenomenon in India. So as of now there is no special insurance plan to cover such losses. However once the experts and seismologists give in their report about the future occurrence of such a phenomenon, then we may think about offering special cover for such a peril.
Courtesy: www.Insuremagic.com
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