Insurance Firms Setting Aside $50 Million For Terror

General Insurance Corporation (GIC) and the four state-owned non-life insurers have taken a decision in principle to develop a domestic capacity of $50 million for providing a terrorism cover.

Senior insurance executives told Business Standard that the decision was taken at the Tariff Advisory Committee chaired by the Insurance Regulatory and Development Authority (IRDA) chairman N Rangachary on February 28.

The details are being worked out by GIC and the four state-owned general insurance companies