India suffered a $3 billion loss to its economy from severe rainfall and flooding in November and early December.
Both General Insurance Council and Irda have made efforts to set up this pool. However, a formal notification giving guidance for its implementation has not yet been issued.
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
Public general insurance companies to collaborate for speedy settlement of claims
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