India, possible premium increase in connection with natural catastrophes

Indian insurance companies have been strained by major events of natural catastrophes in the late two years. Unprecedented floods that affected Chennai in the Tamul Nadu late November and early December 2015 are likely to set insurers back 710 million USD.

In 2013, torrential rain and landslides had already caused insured damage up to 445 million USD. Motor and comprehensive corporate policies including loss of profit are the hardest hit by such events. In order to readjust their accounts, insurers are thinking about tariff increases between 10 to 20% for risks covering natural catastrophes.