One of the deadliest tropical cyclones Phailin, which
hit Odisha and Andhra Pradesh on October 12, 2013, may not lead to huge losses
for general insurers in India, since the cyclone affected mostly clay houses,
huts and public property, which do not fall under insurance purview.
According to an official from a state-owned general insurance company, losses would be anything below Rs 100 crore. Although, the insurers have not yet assessed the affected areas and are waiting for few more days to give a final estimated loss. Two days after the cyclone hit the states, the insurers have received claims of about Rs. 4-5 crore.
However, in coming days, there is a possibility that claims may rise due to massive floods in coastal area of Odisha, as the cyclone has weakened it, and also due to heavy rains in Bihar.
According to an official from a state-owned general insurance company, losses would be anything below Rs 100 crore. Although, the insurers have not yet assessed the affected areas and are waiting for few more days to give a final estimated loss. Two days after the cyclone hit the states, the insurers have received claims of about Rs. 4-5 crore.
However, in coming days, there is a possibility that claims may rise due to massive floods in coastal area of Odisha, as the cyclone has weakened it, and also due to heavy rains in Bihar.
Source: www.insuringindia.com
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