Magazine date:
Dec 2014 The Indian insurance market was hoping to generate profits this year especially after the rise in motor and health tariffs. But optimism is no longer on the agenda now that Hudhud cyclone lashed the east coast of the country.
Insured losses are estimated at nearly 40 billion INR (647.6 million USD). Nilofar the cyclone that hit the coast of Gujarat in early November may probably have caused as much damage (estimates underway).
Flooding in the province of Jammu and Kashmir in the far north had already caused much destruction. Non life insurance has decreased its losses by 20.9% at nearly 1.253 billion USD over the financial year 2012-2013.