Mike’s Life Insurance Advice

As I was foraging through insurance news, I came across this really interesting article in The Hindu, an online newspaper based out of India. Apparently, a terrorism insurance cover is non-existent. This is a country that has recently been the victim of the terrorist attack in Mumbai and over the course of the last year seen many terror attacks, including those in Assam, Malegaon, Delhi, Ahemdabad and Hyderabad.

I understand the the higher level of risk makes insurance companies unwilling to offer coverage to victims of terrorist attacks, but at the same time I find it deplorable that in a country facing the possibility of more attacks, there is no coverage for victims.

However, the article does offer some hope. Here’s an excerpt:

‘Seema, Senior manager, ICICI Prudential, says that now after so many terrorist attacks the insurance industry is seriously thinking of launching a plan exclusively against acts of terrorism.

“I can say that people are now becoming aware and the constant query about terrorism insurance cover has prompted all of us to give it a thought,” she adds.’