Insured losses were estimated at around $755 million, making Chennai floods the second costliest insurance event in India. A large part of the losses originated from commercial lines.
The event highlighted the vulnerability of rapidly growing urban areas to flash floods caused by heavy rains, the study said.According to the report, India’s total economic losses from all disasters, including natural and man-made events exceeded $6.2 billion (or 6.8 per cent of worldwide losses) in 2015, down from $ 13.4 billion (11.9 per cent of global losses) in 2014.
Total insured losses were $1 billion, up from $ 971 million the year before. Based on sigma criteria, there were 25 catastrophic events in India last year, up from 20 in 2014.
In India, uninsured losses from all catastrophes and man-made disasters were 84 per cent of the total losses in 2015, down from 93 per cent in 2014, the study said.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer.
Curated from Chennai floods biggest disaster in India:study