Oriental Insurance has insured around 100 Ganesh pandals this year compared with only 20-30 last year.
Demand for insurance among Ganpati pandals has risen sharply this festive season, with organisers becoming increasingly conscious of risks from natural calamities, fire, burglary, riots and accidents.
Public sector general insurers are among the leading players in the festival insurance segment.
Oriental Insurance is the official insurer for the Maharashtra government's Dahi Handi festival and, along with New India Assurance, has a significant share of the insurance market for Ganpati pandals.
Key Points
- Oriental Insurance has already insured around 100 pandals this year compared with only 20-30 last year.
- Policies of around Rs 7 lakh cover fire, floods, burglary, riots, idol and jewellery loss, collections and personal accidents.
- GSB Seva Mandal has reportedly increased its insurance cover to about Rs 703.27 crore this year.
Ganpati Insurance Demand Rises
According to Oriental Insurance, it has already insured around 100 Ganpati pandals this year, compared with only about 20-30 pandals last year.
The sharp increase has also been aided by some larger pandals sponsoring insurance cover for smaller ones.
The pandals have been insured for around Rs 7 lakh for a premium of about Rs 3,000 each.
The comprehensive policies cover risks including fire, floods, burglary, riots and loss of collections, besides the Ganesh idol and jewellery.
Personal accident cover is also provided for people employed at the pandals.
Last year, pandals were insured for similar cover at premiums of around Rs 3,000-Rs 7,500.
Some of the larger pandals across the country additionally opt for separate cover for jewellery placed on the Ganesh idol.
Why Organisers Need Cover
Insurance cover for Ganpati pandals has picked up following the Dahi Handi season, and insurers expect more pandals to opt for policies in the coming week.
Among the larger Ganpati pandals, GSB Seva Mandal and Lalbaugcha Raja have significantly higher sums insured.
According to media reports, GSB Seva Mandal has taken insurance cover of Rs 703.27 crore this year, compared with Rs 474 crore last year.
"This year, there is an increase in the number of Ganpati pandals taking insurance cover," said Hitesh Lakhani, director, Investacc Insurance Brokers.
"Amid Nepal floods and predictions of rains during Ganpati time, organisers are considering insurance as a risk mitigation tool," Lakhani added.
"There is also an increase in awareness about insurance, and organisers are concerned about risks caused by natural calamities as well as those from riots, personal accidents and burglary during the time," explained Lakhani.
Dahi Handi Insurance Expands
Insurance coverage for Dahi Handi participants also increased this year.
Nearly 168,535 Govindas have been insured against slightly over 160,000 last year, according to Oriental Insurance.
"Each participant has an insurance cover of around Rs 10 lakh for a nominal premium of about Rs 75.
"The Maharashtra Rajya Dahi Handi Govinda Association insured nearly 154,497 Govindas while the Vasai Virar Municipal Corporation has insured around 8,000 participants," said Sachin Khanvilkar, manager, Oriental Insurance Company.
"Individual mandals also took separate insurance policies. The number of mandals insured rose to 2,002 this year from 1,968 last year."
Bigger Pandals Increase Protection
Dahi Handi, celebrated on Krishna Janmashtami, involves Govindas forming human pyramids to reach and break a pot suspended high above the ground.
The activity carries significant risks of falls and injuries, making personal accident and hospitalisation cover an important component of festival insurance.
The Maharashtra government had announced insurance coverage for 160,000 Govindas, with around Rs 1.12 crore reportedly allocated from the Sports Development Fund for the purpose.
The hospitalisation cover increased to Rs 2 lakh per Govinda this year from Rs 1 lakh last year.
With government bodies also supporting insurance coverage for certain festivals, organisers are increasingly being encouraged to consider comprehensive policies to protect participants, assets and event infrastructure against unforeseen incidents.
Insurers and brokers expect demand for event insurance to remain strong as organisers increasingly view insurance not merely as a compliance need but as a risk-mitigation tool against disasters, theft and other disruptions.
Feature Presentation: Ashish Narsale/Rediff
