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Irdai to alter insurance policy covers for shops and hotels

A working group has been set up to examine the current insurance product structure

Press Trust of India  |  New Delhi 

Regulator Irdai has proposed changes in fire and allied policy covers to increase insurance penetration for dwellings, offices, hotels and shops that suffer big economic losses due to natural calamities. Recent catastrophic events such as floods in northern parts of India and in Chennai such as Hud Hud Cyclone have revealed that economic losses are much higher than insured losses, said Insurance Regulator and Development Authority of India (Irdai). "There is a need to increase the penetration of fire and allied perils insurance, in particular for dwellings, offices, ...

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First Published: Tue, May 23 2017. 19:35 IST
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