Chennai floods weigh heavily on the results of Indian insurers
Indian insurers bear the brunt of the cost of the floods that hit the city of Chennai late 2015. Insured losses are estimated at 710 million USD.
This event put considerable strain on the results of the fiscal year ended March 31, 2016. Almost all Indian non-life insurance companies, that means 21 companies are losing money.
Only Bajaj Allianz General Insurance, a joint venture between Bajaj Finserv and the German insurer Allianz, showed an underwriting profit and net profit of 84 million USD during the period under review.
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