India: Premium hike for huge insurance covers likely in upcoming financial year
Posted On: Nov. 6, 2014 12:00 AM CSTIndia's insurance sector is to raise rates for large covers in the upcoming financial year as insurers try to recover from losses in 2014, reports Business Standard.
The Jammu and Kashmir floods and cyclone Hudhud have cost the industry more than 60 billion Indian rupees ($977 million), and premium hardening is expected in the next fiscal. State-owned insurers have said there might be a 10-15% increase in premium for covers of INR 40 billion ($651 million) and above.