Kerala floods: Rs 10-bn claim shows insurance penetration low in the state

The Kerala govt has estimated around Rs 195 bn in economic losses due to the rains, flood and landslides

The initial estimates of general insurance claims from Kerala floods, reportedly at Rs 10 billion, is lower than the total claims during the Chennai floods in 2015. This shows that the penetration of insurance was low in households of the state, said a senior industry official.

Speaking on the sidelines of the Insurance Advisors Meet in Chennai, K B Vijay Srinivas, chairman-cum-managing director (joint charge), United India Insurance Company, said his company had 5,000 claims to the tune of Rs 3.5 billion.