Safin
Skilled
Hmm looks like the insurance companies are now going to drop the word flood from the cover policies. Like they dropped earthquake after Latur..
here is the article
if the insurance companies aren't prepared to dish out the cash when its needed, what use is having an insurance anyway. Talk of US,, you have the tornado strikes all the time but people get back what they lose.. here our comapnies just find a way to somehow make life tougher for the people :no:
here is the article
Here’s a warning to the lakhs of Mumbaikars who are planning to insure their houses in the wake of the recent deluge. Read the fine print carefully. Public sector insurance firms are quietly planning to drop the word ‘flood’ from the policy.
As of now, a household insurance policy is basically a fire insurance policy, which also incorporates a flood insurance policy.However,with 10,000 policy-holders filing claims totalling Rs 1,500 cr, insurance firms are looking at new ways to keep their heads above water. After the last calamityâ€â€the Latur quake of 1993 insurance firms had dropped earthquakes from the household insurance policy.
Those wanting to insure their homes against flooding may now have to pay a separate premium. Confirming this development, Insurance Regulatory and Development Authority member P A Balasubramanian told TOI that senior officials from the General Insurance Company had met IRDA to discuss the issue last week. IRDA is the nodal authority that approves changes in the policies made by insurance companies.
"The insurance sector has suffered losses of about Rs 1,500 crore. We may not get re-insurance for these policies as we had not taken re-insurance for these small individual polices," said a senior manager with the National Insurance Company.
Re-insurance is done only for the big policies taken by various industrial groups.
if the insurance companies aren't prepared to dish out the cash when its needed, what use is having an insurance anyway. Talk of US,, you have the tornado strikes all the time but people get back what they lose.. here our comapnies just find a way to somehow make life tougher for the people :no: