Insurers plan floor for fire cover to avoid large burns
Non-life insurers are considering a minimum rate for fire insurance's natural catastrophe component.
This move follows concerns about steep discounts exposing the industry and reinsurers to losses.
The Insurance Regulatory and Development Authority of India chairman also expressed worries about insurer financial health.
Aggressive pricing and recent fire losses in Gujarat have fueled these discussions.
Insurers aim to restrict discounts to the flexible fire rate component.
5News aggregated this summary from the outlet’s public feed. The full article, with all the context, is on economictimes.indiatimes.com — the content belongs to The Economic Times.
