Asian News - India: Chennai floods largest Nat CAT last year
Source: Asia Insurance Review | May 2016
The flash floods in Chennai last November were the largest natural catastrophe in India in 2015, causing estimated economic losses of US$2.2 billion, said a study by Swiss Re Group.
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% of worldwide losses) in 2015, down from $13.4 billion (11.9% 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% of the total losses in 2015, down from 93% in 2014, the study said.