India is a land of festivals, and not just people but also insurers keenly await the onset of festivals. Large-scale celebrations of big festivals like Dahi Handi, Ganesh Puja, Durga Puja, Dussehra, and Diwali Mela prompt organizers of such large community-led pomp and show to look for insurers, for coverage and recovery of any accidental costs to the organizers and celebrating public or participants.
With many state governments of India, supporting the public celebrations of festivals unique to their states, organizers are encouraged to opt for comprehensive insurance packages to safeguard their assets, participants, and any third-party claims.
For example, Insurers have almost covered over 90,000 Govindas, who form human pyramids on the Dahi Handi festival, this year with active support from the Maharashtra Government. Typically, a participant gets covered for Rs 10 lakh in such insurance coverage, at a nominal premium of Rs 75. Moreover, festival venues known as mandals also take insurance separately, with 1,500 mandals expected to get covered under insurance this year.
With increased awareness, tailored product offerings, and increasing focus on the safety of the public, Festival insurance premiums in India are expected to grow at 15-20% for FY25. Insurance packages cover accidental injuries, the risk to life, damage to idols, mandaps, decorations, public liability, and fire hazards.
With celebrations like Krishna Jayanti, and Ganesh Puja over, Festival insurance is expected to take center stage in India with Durga Puja, Dussehra, and Deepawali celebrations, turning the festival season in India into a big opportunity for the insurers.