India: Industrial accident insurance premiums remain soft despite rising claims

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India has seen at least five big industrial accidents since August 2013, Business Standard reported.

Despite the rise in number of claims, premiums have remained soft because of the competitive market.

Bharti AXA General Insurance Co. Ltd. CEO Amarnath Ananthanarayanan said "rates are holding up, since there has not been any major natural catastrophe related event where the losses are very high."

Annual losses in the industrial risk segment, on an average, have been between 800 million Indian rupees and INR 1 billion ($13.3 million and $16.6 million).

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