Home
/ Insuremagic Exclusives
Interview of Mr Kamesh Goyal, CEO,
Bajaj Allianz General Insurance Company
Date: 27/12/04
1. Does any insurance company in India cover tsunami?
As of now no insurance company in India offers any insurance
cover for peril like tsunami. However the devastation that
has occurred due to the earthquake in the sea leading to
tidal waves splashing the coastal areas would be covered
under the Standard Fire and Allied Perils, provided the
insured has opted for an earthquake extension cover. These
covers are
generally taken by industrial clients.
2. Are there separate covers for tsunami
abroad?
Yes, its covered as a part of earthquake related
natural perils in Property Insurance.
3. What kind of impact will the tsunami
disaster have on the general insurance industry?
The tsunami disaster would definitely impact the
reinsurance premium for catastrophic losses in the Asian
region. The reinsurance premium would harden after the recent
tsunami disaster.
4. How many claims applications do you expect to
come in due to the devastation caused?
It will take atleast a week to assess the losses
as we are still waiting for the losses to be reported by
the insured. Our exposure would be for Marine losses, Hull
insurance cover for barges, Motor Insurance etc. We may
not have major exposure of such claims in Chennai which
had
borne the brunt of tsunami.
5. Give us the insurance perspective to the tsunami
disaster pls
The tsunami disaster is a new phenomenon in India.
So as of now there is no special insurance plan to cover
such losses. However once the experts and seismologists
give in their report about the future occurrence of such
a phenomenon, then we may think about offering special cover
for such a
peril.
Archives
| Back
| Top | Home
|
|
