The Mumbai July 26 deluge has resulted in doubling the sale of householder's policies and has created huge awareness among people for insuring their properties in the city. | |
| Amol Phadnis, national manager-underwriting, ICICI Lombard, says that the company is on an average insuring 400 householder policies a day in the last one and half months after the Mumbai floods compared with 200 householder policies a day sold last year. |
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| While there are no accurate data on the number of policies sold, there has been a definite spurt in the number of householder policies, say General Insurers. |
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| Unlike motor insurance which is made mandatory by law, householder's insurance, which comes under miscellaneous portfolio, depends on individual house owners to take a cover. |
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| K Krishnamoorthy, head-underwriting, Bajaj Allianz General Insurance, says, "We have noticed a 50 per cent-60 per cent growth in the sale of householders policies after the recent Mumbai floods." Phadnis says that it is common after a natural calamity for the spurt in sales of insurance as an aftermath for the first few months. |
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| Another senior official of a public sector company said that with the monsoon lashing across the state, people are still apprehensive. However, it seems to be a golden opportunity for insurance companies to sell householder's policies which at other times has met with lacklustre response. |
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| Antony Jacob, managing director, Royal Sundaram Alliance Insurance Company, said last month alone the insurer had sold around 500 individual home insurance policies in Mumbai. |
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| "There has been an enhanced interest in this product from customers, who call directly on our call centre, and also from our distribution partners and agents," he added. |
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