Every Catastrophic event, whether it was the Jammu floods, HUD HUD cyclone or the Chennai floods, the common link is and will always be the almost total absence of any meaningful insurance protection for Commercial Enterprises.
In developed markets, the contribution of the insurance industry in rebuilding the economy after a major calamity, is immense ….
- Less than 5% of the economic loss estimated at Rs.40,000crores was insured in the HUD HUD cyclone.
- Less than 10% of the economic loss is expected to be insured in Chennai floods in comparision to more than 80% of the economic loss arising out of the New Zealand Earthquake.
If this situation has to change, the country requires an army of salesmen to meet, educate, convince and properly insure commercial enterprises.
We, at bharat RE, are committed to ensuring that we contribute to increasing the percentage of commercial enterprises taking proper insurance protection and have set a milestone for insuring more than 10K commercial enterprises.