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Insurance premium for hydro projects may be revised

Due to the recent Uttarakhand disaster, the total loss to be borne by the industry is over Rs. 15 billion

July 22, 2013 3:01 IST | India Infoline News Service
According to general insurers, the industry may need to review the premium rates of hydroelectric projects in disaster-prone areas like the Himalayas after the Uttarakhand disaster.

Due to the recent Uttarakhand disaster, the total loss to be borne by the industry is over Rs. 15 billion, of which 80% was on account of the hydel projects in the area.

New India Assurance CMD said that the gross hit of his company, because of the Uttarakhand disaster is expected to be Rs. 1 billion.

Mr Srinivasan was speaking at a press conference on Saturday.

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