Chennai and its neighbourhood have seen two major floods in a span of eight years (from 2015 to 2023), with heavy waterlogging in apartments and individual homes in several localities. Despite this, home insurance – which helps cover the building as well the contents of the home from floods – has not picked up.
The non-life insurance industry in India is mainly led by health and motor insurance. “Home insurance is a small component of the non-life insurance industry, accounting for less than 5% of the total premiums,” said Srabasti Dhali, vice president and national manager, PCG & Home, TATA AIG General Insurance.
