Insurers hike premiums as flood-related claims surge

Posted On: Jul. 26, 2018 5:52 AM CST

Insurers in major Indian cities such as Mumbai have increased flood insurance premium rates up to 40% for low-lying areas following a rise in claims, The Times of India reported. India-based Bajaj Allianz General Insurance Co. Ltd. said that flood-related claims account for 47% of total claims under its standard fire and special perils policy. The insurer said that Mumbai had the highest percentage of flood claims among five major cities in 2017.