Funds managed by insurance companies to touch Rs 30 tn: IRDA's J Hari Narayan

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Funds managed by insurance companies to touch Rs 30 tn: IRDA's J Hari Narayan (Indian express) Funds managed by insurance companies to touch Rs 30 tn: IRDA's J Hari Narayan (Indian express)
SummaryInsurance industry was opened up in 2000, the total controlled fund was about Rs 1 lakh crore, says Hari Narayan

India Risk Survey 2012', by Pinkerton C&I India(P) Ltd and Federation of Indian Chambers of Commerce and Industry (FICCI), he said China, India and Bangladesh are ranked first, second and third respectively, in terms of the number of deaths caused due to natural disasters.

In 2011, while China witnessed as many as 22 natural disasters, India witnessed 16, the report said.

According to him, both insurance for natural disaster and reinsurance are interlinked. "Particularly, for natural disaster insurance, there has to be a good reinsurance system] in place," he said.

"Suppose we have situation of a flood, like we had in Mumbai or some other place. Unless we have good reinsurance and systems in place it might be problematic for the Indian] industry. You can't address catastrophe unless you have strong reinsurance. Both go together," he said.

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