The general insurance industry may need to re-examine the premium rates of hydroelectric projects in disaster-prone areas like the Himalayas, in the wake of the Uttarakhand disaster, according to a senior official of an insurance company .
The total loss of the industry has been assessed at Rs. 1500 crore, of which 80 per cent was on account of the hydel projects in the area.
Chairman cum Managing Director of New India Assurance Co Ltd. G Srinivasan said, at a press meet, that the gross hit of his company, due to the Uttarkhand disaster, is being estimated at Rs. 100 crore.
He said that New India, which was the largest non-life insurer in India, with a 15.5 per cent share of the market, was looking to a global premium of Rs. 15000 crore this fiscal against Rs. 12,000 crore in 2011-12.