Magazine date:
Dec 2014 Following local regulator (IRDA)'s recent instructions, insurers must adjust property, fire and group health on the basis of previous losses recorded by the specific class.
The new disposal could hike up fire fares, which usually had benefited from a 90%-discount.
According to Pavan Dhingra, CEO of Prudent Insurance Brokers, "Insurance premiums will go up massively for all customers in 2015 when the fire cost is the starting point [of the premium calculation]".