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India's Insurance Regulatory and Development Authority has said that catastrophe insurance premium might increase given the number of natural disasters hitting various parts of the nation in the recent past, reports Business Standard citing the Press Trust of India.
"The general insurance industry on a whole is not making a lot of money," said T.S. Vijayan, chairman of the regulator.
"It requires some base correction in premium rate, especially in a case like the recent heavy rains in Chennai, which resulted in a huge loss," added Mr. Vijayan.