Natural catastrophes in India have led to uninsured economic losses of $32.94 billion (Rs 273,500 crore) during the five period of 2018-22, indicating the low insurance penetration in the country, global insurance giant Swiss Re said. Insured economic losses during the period were just $1.10 billion (Rs 9,130 crore) as 93 per cent of exposures were uninsured, it said.
Alongside the expanding economy and growing insurance market, India is exposed to many natural catastrophes, including earthquakes, floods, tropical cyclones, drought and wildfires.“However, insurance protection against natural catastrophe risks is low: our resilience analysis indicates that 93% of the exposures are uninsured,” Swiss Re said in a report.
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