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Claims, fraud drive surge in fire insurance rates

Factory fire, Delhi, India

Insurers increased commercial fire insurance rates up to 35% in India after the volume of claims doubled and instances of fraud grew in 2018, Moneycontrol reported citing sources. Reinsurers have also demanded higher rates to provide reinsurance cover against fire policies, the sources said. Insurers are increasingly conducting inspections at clients' premises to calculate premium rates and are appointing surveyors to investigate suspicious claims, the sources added.

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