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India: Reinsurer lowers terror cover cost

April 4, 2014 - 6:00am

General Insurance Corp. of India plans to lower the cost of terror cover after low claims experience following the November 2008 terror attacks in Mumbai, The Times of India reported.

The country's sole reinsurer has increased limits under the national terror insurance pool and will now offer up to 15 billion Indian rupees ($248.4 million) cover, the newspaper said. GIC Re chairman A. K. Roy said "overseas underwriters are undercutting us in terror insurance" and revealed the reinsurer will offer brokers commission to encourage business placements.

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