Spate of terrorist attacks across India has resulted in people rushing for terrorism insurance risk cover for property. The insurance companies cover the risk through Common Terrorism Insurance Pool of Rs.1,200 Cr. The spate of claims is bound to deplete the pool. It is reported that the Insurance Regulatory Development Authority (IRDA) is planning to meet soon to discuss the modalities of revising the rates for providing the terrorism insurance risk cover.
In India, there are 12 public and private sector insurance companies that provide the insurance cover as an add-on cover to the standard fire insurance policy. The premium is Rs.0.21 per Rs.1000 insured. This is going to be raised.
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