Irdai plans to standardise insurance guidelines for houses and shops

In the last few years, the need for such standardisation was accentuated by increasing loss of small houses and commercial establishments due to natural calamities

The Insurance Regulatory and Development Authority of India (Irdai) is coming out with standard guidelines for products aimed exclusively at units like ‘dwelling houses’ and small commercial establishments.

Currently, there is no standardisation of insurance cover for units like small shops and houses. 

These units, however, can be covered under fire and allied perils insurance, which are mostly aimed at bigger units. 

Irdai is expected to come out with norms in the next few months, said a source close to the development. Standardisation would entail affordable insurance products to help cope with and recover from common risks while adhering to certain levels of