Damage by cyclone Thane to lower general insurers' profits

IANS | Jan 3, 2012, 05.16PM IST

CHENNAI: Insurance claims after Cyclone Thane crossed Cuddalore on the Tamil Nadu coast last week leaving a trail of death and destruction could bring down profits of general insurers this fiscal, say industry officials.
Both public and private general insurers are estimating the quantum of destruction wrought by Cyclone Thane on properties insured by them in Cuddalore and Villupuram in Tamil Nadu and Puducherry.
Also, they are looking into the loss-of-profit policies that cover the risk of disruption in operations and the consequent profit loss.

Puducherry, Jan 3 (ANI): Union Home Minister P. Chidambaram, who visited the cyclone-hit areas here on Tuesday, assured all assistance to those affected by the cyclone ‘Thane’ and said that a high-level central team would visit Puducherry and Tamil Nadu soon to make an on-the-spot assessment of the damage caused by the cyclone. .
“Great loss has been caused because of ‘Thane’ cyclone. Officials confirm that more than 17,120 hectares of land have been affected by this. Likewise, more than 86,000 houses have been damaged,” Chidambaram told the media here after inspecting the damage cause by the cyclone ‘Thane’.
“The Government of Puducherry is preparing their list, which they have to submit to the Central Government for damages. I think, the Chief Secretary has informed that the report would be ready in one or two days. I have requested the Home Secretary to dispatch a team of Central Government officials to assess the damages in a day or two days time. I assure that all possible help from State as well as Central Government would be extended,” he added.
Chidambaram, who was accompanied by Minister of state in Prime Minister’s Office (PMO) V. Narayansamy during his visit here, further said that he would brief the Prime Minister and Finance Minister about the damage caused by the cyclone.
“When I return back to Delhi tonight, we will discuss with the Prime Minister and the Finance Ministry the possible immediate relief to the state. And thereafter, we will work on the long term rehabilitation package,” said Chidambaram. (ANI)

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