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Irdai May Modify Insurance Covers for Offices and Shops
May 25, 2017
Indian Insurance regulator Irdai has proposed some changes in the fire and related insurance policies for hotels, shops, and offices, etc. that have to face major financial losses due to natural disasters.
Irdai said that recent calamities such as floods in the northern India and Chennai and the Hud Hud Cyclone have shown that in these situations, the financial losses are far greater than the insurance covers. This is why the penetration of fire and allied perils insurance must be increased, especially for hotels, offices, and SMEs.
A panel of seven members that’s governed by Anurag Rastogi, HDFC Ergo General Insurance Company, has been asked to submit a report on potential improvements within the next 12 weeks.
