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New India Assurance chairman and managing director, G Srinivasan, said that the industry expects natural catastrophe rates to see 10-15% growth after three years of consecutive large claims, reported ETRealty.com.
Claims faced by the general insurance industry totaled over 4,700 crore INR ($487.3 million) and over the past two years.
The industry is expecting a rise in rates even though the reinsurance market was soft during the December renewal.