“Since European reinsurers are unwilling to provide reinsurance support to imports from Russia and Belarus and while India imports a significant volume of its fertilizers from these two countries, the non-life insurance industry has decided to create a pool of Rs 500 crore,” the statement said. senior industry official who prefers anonymity, told IANS.
The official said most of the pool amount will be contributed by the national reinsurer
The reinsurers in Europe and the US do not provide reinsurance cover for goods leaving Russia and Belarus because of the Russian military action in Ukraine.
The premium collected for the
Any claims will be paid from the pool.
This will be the third insurance pool in India after terrorism and nuclear insurance pools.
The manure pool has been sanctioned by Insurance Regulatory and Development Authority of India (
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