Impact of Chennai Flood calamity_ 5000 crore loss for Insurance companies
Recent floods happened in Chennai cost insurance companies 5000 crores.. Apart from loss of lives estimates reveals shows 80000 vehicles are damaged including a total of two and four wheelers.
The giant flood in chennai and around chennai areas in tamilnadu turned to be massive destruction costing close to Rs. 5000 crore for insurance companies.
Managing director K.Sanath Kumar and the chairman gives a release that 300crore loss would be for national insurance and loss of 5000 crore for insurance industry.
NIC director & General manager M Vasantha Krishna said that at the level of company the net hit to us will be anywhere between Rs 80 and Rs 90 crore. The industry thought loss would not be more than Rs 500 crore after the November flood, but the second round of flood in December was severe causing the major damage.
According to reports, 2015 year leads to one of the worst in aviation losses for insurance companies in India. Eight private jets owned by corporate houses were severly damaged in the Chennai floods last December that could cost up to Rs 500 crore for the general insurance players.