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United India Insurance Co. Ltd. chairman and managing director Milind Kharat has said that despite receiving huge damage claims, the insurer's profit is unlikely to be hit as its reinsurer would cover most of them, reports Daijiworld.com.
The claims correspond to losses from cyclone Hudhud and Kashmir floods and have been estimated at 11 billion Indian rupees ($180 million). United India would have to settle claims only up to INR 250 million, with the reinsurer covering the rest, Mr. Kharat said.