Virtual surveys hasten loss assessment

Ravichandran N., CTO, at Kotak Mahindra General Insurance explains how the insurer will be leveraging advanced modelling tools in response to heatwaves and flooding:

- Mehul Dani

Ravichandran N. informs that Kotak GI’s underwriters utilise Natcat tool offered by global reinsurers to identify location based exposure

Mehul Dani: What kinds of products do you have to help customers in India mitigate loss against heatwaves?

Ravichandran N.: Globally, frequency of heat waves has increased significantly due to global warming leading to forest and city fires and so is the value of damage resulting from the same. Major impact is towards loss of properties. Apart from this, there is an impact on human life and health. In India, property insurance policies cover forest fires, city fires etc and indemnify loss to properties as well as loss due to business interruption as a result of fire loss. This, in a way, mitigates loss to properties.

Climate change is intensifying the water cycle, bringing more intense rainfall and associated flooding. What kinds of products do you have to help customers in India mitigate loss due to floods?

Flood could be result of many factors, such as urban flooding due to excess rainfall, flash flood or cyclonic surges. While traditional property insurance covers flood and inundation perils, parametric cover for flood is also coming in the market, based on rainfall level of water level from the surface.