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  • Business Today

    THE VIRUS COVER

    Apr 16, 2020 4 minutes
    BY ANAND ADHIKARI
    ILLUSTRATION BY RAJ VERMA

    When the nervous global reinsuers pulled out from offering terrorism insurance cover after the 9/11 terror attack in the US, the general insurance industry in India came together with an innovative idea of creating a 'Terrorism Risk Insurance Pool' in the early years of the 2000 decade. Individual insurers started offering terrorism cover as one of the add-ons to existing property insurance policies. Over the years, India has built a capacity of ₹2,000 crore under the pool to cover terrorist attack on business establishments like 26/11 when the iconic Taj Mahal Palace Hotel and the Trident suffered heavy losses to property and business in Mumbai.

    More recently, the industry created yet another pool - Nuclear Insurance Pool

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