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Oct 8 2010 12:49PM
CAT insurance could be mandatory: Irda New Delhi

The Insurance Regulatory and Development Authority (IRDA) on Wednesday said mandating lenders to take catastrophic (CAT) insurance irrespective of the location of the properties for which they have loaned money is one way of popularizing insurance against disasters. "We are still groping for solutions to insure an individual against natural disasters and we have not as yet evolved a standalone insurance product for natural catastrophes," said IRDA chairman J Hari Narayan. Emphasizing the need to insure individual property and its contents, Narayan said that bulk of the response in compensation on account of natural disasters came from the government through budgeted funds, which are largely given for restoration of public buildings, humanitarian relief and writing off of crop loans.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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