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Terrorism insurance premiums may fall up to 15% from Apr 1
Business Standard
|March 24, 2025
This comes on the back of GIC Re reducing rates for terrorism risk insurance pool
Companies taking cover against terrorism risk are likely to see premiums fall up to 15 per cent from April 1, as state-owned reinsurer General Insurance Corporation of India (GIC Re) slashes rates for terrorism risk insurance pool.
After the withdrawal of reinsurance capacity for terrorism risk by international reinsurers post the September 11, 2001, terrorist attacks in the US, the Indian market formed a terrorism risk insurance pool on April 1, 2002. It was administered by GIC Re and all non-life insurance companies in the country were part of it.
The pool provides insurance support for terrorism risk covered under the property insurance policies, including cover to dwellings and fixed assets in multiple locations.
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