What were the total losses from Mumbai floods and what was the impact on GIC?
Apart from the loss of lives and property in the Maharashtra floods last year, the economic losses were also huge. The insured losses were initially put at Rs 4,000 crore which subsequently came down to Rs 3,000 crore. Of this, GIC has so far paid out Rs 575 crore. What is the proposed capacity of the natural catastrophe pool? How far have the discussions progressed? A nat cap pool (natural catastrophe pool) was proposed to cushion the national general insurers against rising international reinsurance rates in the light of natural disasters, especially in the Gulf of Mexico in 2005. The hurricanes in Gulf of Mexico in the US in 2005 cost the global insurance industry claims of over $40 billion. However, as Indian insurance industry was able to get catastrophe protection on reasonable terms, we are not in a hurry currently. It requires some more data collection and analysis. Therefore, it will take some time for a viable policy solution to emerge. Has your health reinsurance department
