Mumbai:
The Indian Market Terrorism Risk Insurance Pool’s premium income has increased by 10 per cent in 2017-18 to Rs 516.18 crore as against Rs 503.67 crore in 2016-17.
T
he claims paid by the Pool during 2017-18 are Rs 22.26 crore. No major losses are reported to the Pool during 2017-18.
The Indian Market Terrorism Risk Insurance Pool was formed with the initiative of all general insurance companies in India in April 2002, after terrorism cover was withdrawn by international reinsurers post 9/11 incident.
The Pool has thus completed 16 years of successful operation. All Indian general insurance companies, State Government of Gujarat and GIC Re are members of the Pool.
The Pool is administered by GIC Re. The Pool is applicable to insurance of terrorism risk covered under property insurance policies, including cover to dwellings and fixed assets in multiple locations.The limit of indemnity per location has been enhanced to Rs 2000 crore since 1st April 2017, from Rs 1500 crore.