[ad_1]
Chennai, June 19 (IANS) With a purpose to present insurance coverage cowl to fertilisers imported from Russia and Belarus, the Indian insurance coverage sector has created a Rs 500 crore ‘fertiliser pool’, mentioned a senior trade official.
“With European reinsurers not prepared to offer reinsurance help to imports from Russia and Belarus and whereas India imports a large quantity of its fertilisers from these two international locations, the non-life insurance coverage trade has determined to create a Rs 500 crore pool,” the senior trade official preferring anonymity advised IANS.
The official mentioned bulk of the pool quantity shall be contributed by the nationwide reinsurer Normal Insurance coverage Company of India (GIC Re) and all different multi-line non-life insurers may also be contributing to the pool corpus.
The reinsurers in Europe and the US aren’t offering reinsurance cowl to items going out of Russia and Belarus owing to the Russian navy motion in Ukraine.
The premium collected to insure the fertiliser imports by the first insurers shall be ceded to the pool after deducting some administrative bills.
The claims if any are paid out of the pool.
This would be the third insurance coverage pool in India after terrorism and nuclear insurance coverage swimming pools.
The fertiliser pool has the sanction of Insurance coverage Regulatory and Growth Authority of India (IRDAI).
–IANS
vj/dpb
[ad_2]
Source link