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A working group set up by IRDAI has recommended to set up a pandemic risk pool for India.

The report submitted by the group to IRDAI said that the actual pool size will depend on the risks covered and the estimated potential losses. However, in the initial stages, it should have $10bn of hedge as guarantee from the government.

The recommended ‘Indian Pandemic Risk Pool’ will be used to address losses caused to low-income sectors of society and will serve as a medium of providing relief to these sectors by the government in case of any future pandemic events.

The working group also proposed that in the first phase of this pandemic pool implementation business interruption impacting the wages of the MSME sector and migrant workers should be given preference.The total pay-out is expected to be around $10.51bn with the estimate of 40m employees and workers getting benefits and pay-outs limited to a maximum of three months.The report also suggested that in subsequent phases, pandemic coverage will be extended to other lines of business. Consequently the exposure will increase and the government backstop requirement will increase to $17bn .

IRDAI executive director and chairman of the working group Suresh Mathur said the pool would require around 20 to 25 years to grow before it becomes self-sufficient.

According to the report, the government backstop will be utilised only when a pandemic trigger strikes and the pool pay-out is higher than the premiums collected, capacity offered by (re)insurers, capacity offered by other bonds and surplus of the prior years.

The working group suggested that Indian Reinsurer GIC Re which has experience in managing the Indian market terrorism risk pool and the nuclear risk insurance pool in India, would be an apt administrator for the proposed pandemic pool.

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Frequent low-intensity earthquakes are prompting people living in the National Capital Region (NCR) to look for home insurance, according to a survey. According to a report by the National Disaster Management Authority, 59% of India is vulnerable to moderate-to-major earthquakes.

More than 11,000 home owners were surveyed to gain an understanding of people’s attitude towards home insurance. Five out of 10 respondents in Delhi said that earthquakes have made them anxious enough to think about buying home insurance while 35% of the respondents in NCR have home insurance.

Survey findings show however that home insurance is not the first insurance product on most people’s “To Buy” list as 73% of the respondents across India and 57% in Delhi-NCR said that they have so far not considered buying home insurance.

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An active monsoon season prompted more than $20bn in flood-related damage in parts of China, Japan, India and Bangladesh during the month alone. Much of the physical damage to property, infrastructure and agriculture was anticipated to be uninsured – only reinforcing the importance of finding ways to help lower the protection gap across the region.

Furthermore, persistent seasonal rainfall worsened the flood situation across China’s Yangtze River Basin during the month, with the death toll since 1 June rising to at least 175, as extensive flooding affected the hardest-hit provinces of Anhui, Hubei and Chongqing municipality.

The Ministry of Emergency Management (MEM) noted that nearly 500,000 homes had been damaged or destroyed and 5.2m ha of cropland affected. Direct seasonal economic losses were estimated at CNY150bn ($22bn), of which nearly $16bn occurred in July. Most of the losses were anticipated to be uninsured.

Other natural hazard events that occurred in Asia Pacific in July include:

• Record-breaking rainfall triggered widespread flash flooding and landslides across southern Japan from 3-10 July, killing at least 82 people and injuring 114 others. Flood damage was most severe on Kyushu Island as dozens of prefectures reported varying levels of physical damage impacts to homes, businesses, infrastructure and agriculture. The event prompted a nearly $4bn recovery effort by the federal government.
• Record-breaking rains, described as a 1-in-500-year event by the Meteorological Service of New Zealand, triggered flash flooding and landslides in northern and western New Zealand on 17-18 July. Thousands of homes and a vast area of agricultural land in Northland were inundated. Local authorities of New Zealand expected a multi-million-dollar level of direct damage and economic loss.

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Based on early data from insurers, 43% of the buyers of the standard short duration COVID-19 policy sold by all general and health insurers in India are in the age group of 20-30 years.The policy offers a policy period from three-and-a-half months to nine-and-a-half months.

There are several factors that could explain the popularity of Corona cover.

People seem to be expecting the pandemic to go on for a while more, as suggested by the greater demand for policies ranging from six-and-a-half months to nine-and-a-half months – the upper limit of the available policy period.

The pricing of the policy, which is deemed affordable by most young urban working people, and the ease of buying it online, are other factors contributing to its popularity.

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The Indian government has decided to inject $2.3 bn into three state owned general insurers. National Insurance, Oriental Insurance and United India Insurance. The insurers’ capital has been significantly depleted by several loss-making underwriting years. After the capital injection, the insurers are expected to renew focus on risk management and profitability. They are expected to enhance their risk-based pricing and underwriting discipline to ensure organic capital growth and attract foreign reinsurance coverage.

The government’s goal of listing the companies on the stock market will become feasible only after this. The Cabinet also halted a planned merger of these insurers.

Additionally, given these state-owned insurers’ dominant position in India and ability to undercut other companies’ pricing, improved pricing discipline will benefit the wider market’s underwriting performance.

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