Wounded by Chennai floods claims, Motor insurance cos to increase premium to 15% in metropolitans
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If you reside in New Delhi, Mumbai, Chennai or Kolkata, your motor insurance policy is going to increase, thanks to Chennai floods .
As Chennai floods saw claims of over Rs 1500 crore, the motor insurance companies are treading the path carefully and have decided to make premium 15% higher.
"We will have to build in the factor of flood for all big cities that are developing fast and premium should go up by 10%-15%. Simple clogging due to rain water can enter basement parking and result in claims,” Vijay Kumar, head of motor insurance Bajaj Allianz General Insurance, told ET.
The Rs 1500-crore claim during Chennai floods was more than that of 2006 Mumbai floods claim. Experts say that higher claims in metros act like a whip, thereby increasing the premium.
(Image: Indiatimes)
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As Chennai floods saw claims of over Rs 1500 crore, the motor insurance companies are treading the path carefully and have decided to make premium 15% higher.
"We will have to build in the factor of flood for all big cities that are developing fast and premium should go up by 10%-15%. Simple clogging due to rain water can enter basement parking and result in claims,” Vijay Kumar, head of motor insurance Bajaj Allianz General Insurance, told ET.
The Rs 1500-crore claim during Chennai floods was more than that of 2006 Mumbai floods claim. Experts say that higher claims in metros act like a whip, thereby increasing the premium.
(Image: Indiatimes)
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