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Rs 5000 Crores loss for insurance companies due to Chennai floods
Posted on: 09/Mar/2016 12:04:13 PM
Besides loss of lives, according to estimates, some 80,000 vehicles, four and two-wheelers combined, are estimated to have been damaged in the massive flood in Chennai and adjoining areas in Tamil Nadu during the month of December. These floods turned out to be costly for the insurance companies, saddled with claims touching close to Rs 5,000 crore.
Company`s chairman and managing director K Sanath Kumar said, For the entire insurance industry, the losses are about Rs 5,000 crore. For National Insurance at gross it will be Rs 300 crore.
According to reports, 2015 was one of the worst in aviation losses for insurance companies in India. Eight private jets owned by corporate houses were damaged in the Chennai floods last December that could cost up to Rs 5000 crore for the general insurance players.
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