As India prepares for festivals, insurers have celebrations covered

State support for Dahi Handi to Durga Puja prompts organisers to strengthen assets and participants

Large, boisterous festivals of Dahi Handi, Ganesh Puja, and Durga Puja have millions celebrating on the streets, prompting insurers to step up coverage and costs for organisers and participants.

Festival celebrations now often get government support, encouraging organisers to opt for comprehensive insurance packages to safeguard their assets and participants.

Insurers have covered nearly 60,000 Govindas, who will form human pyramids on Dahi Handi festival on August 27.

“As of August 21, as many as 60,283 Govindas have been insured. This number is expected to rise further, as proposals for 5,000 to 8,000 Govindas are received daily. Last year, the total insured Govindas reached 95,000,” said Sachin Khanvilkar, manager, Oriental Insurance Company about Maharashtra’s popular festival.

“Each participant benefits from an insurance cover of Rs 10 lakh, secured at a nominal premium of Rs 75. So far, the state government and Vasai Virar Municipal Corporation together have contributed nearly Rs 60 lakh towards premiums, while mandals have taken insurance separately,” he said.

T A Ramalingam, chief technical officer at Bajaj Allianz General Insurance, said: “The premiums collected for festival insurance have increased over threefold for the company, rising from less than Rs 20 lakh five years ago to over Rs 70 lakh in FY24 with sum insured growing by approximately 200 per cent.

“With increased awareness about such insurance, we see more business during these events. Additionally, we have revised our product offerings compared to previous years, enabling us to capture a larger market share ”, he said, adding the company expects a 15-20 per cent growth in premiums for FY25 compared to the previous year."

The Maharashtra government has played a key role in providing insurance during Dahi Handi. The government’s focus on ensuring the safety of participants and the public during large-scale events has led to higher adoption of insurance policies, according to Sumit Bohra, president of Insurance Brokers Association of India.

“This has also encouraged more organisers to consider comprehensive coverage to mitigate risks associated with unforeseen incidents,” he said. Insurance packages cover accidental injuries during the formation of human pyramids during Dahi Handi or risk to life during immersion of idols. Damage of idols, mandaps, decorations, public liability and fire hazards is covered too, he said.

Insurance underwriting for Ganesh Puja which begins on September 7 will commence after Dahi Handi.