Indian insurers advocate new construction standards

Following the devastating earthquake in Nepal on 25 April, the Indian non-life insurers are calling for a revision of the existing construction standards in their countries.
© Srikar Kashyap, CC BY-SA 3.0

This action, supported by the Insurance Regulatory and Development Authority of India (IRDAI), is designed to minimize the insured losses caused by potential earthquakes. Indian areas on the border of Nepal have sustained moderate damage.

While the majority of Indian insurers are not exposed to the Nepalese non-life market, this is not the case of GIC Re.

In the worst scenario, the engagement of the reinsurer in the Nepalese earthquake would amount to 160 million USD. The exact cost of the claim is not yet finalized.

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