Insurance business booms in Chennai after floods
Posted on: 10/Oct/2016 12:07:07 PM
In the repercussion of the December floods Chennaites have become more vigilant when it comes to shielding assets. Because of this insurance firms have witnessed a 40-50 per cent increase in policy sales in Chennai and the surrounding areas.
While individuals are opting for household insurance and motor insurance, industries are covering their properties under fire policy, machinery insurance and motor insurance. Industries are also taking add-on covers such as removal of debris, architect fees, temporary removal of stocks, loss of rent and additional rent for alternative accommodation during the event of any loss.
The MSME sector, where more than 14,000 units suffered loses to the tune of Rs. 11.8 lakh is also opening doors to insurance firms.
Before the floods, most of the industries financed by banks insured their property only to the extent of their loan amount. They are moving towards re-visiting the value for which their property was insured and revising insurance for the current value.
Insurance agents agree that business has boomed after the floods
