<< Chidambaram goes ... << Markets open after...
Damage recovery - Taj Hotel was insured for over Rs. 1,000 crore

Author Name: Anurag Bhullar



After the terrorist attacks on Mumbai last month, everybody is scratching their heads regarding the compensation of the huge damage done by the terrorists in Taj and Trident-Oberoi Hotels during those dismal moments.

It is very interesting to know that General Insurance Company (GIC) in India manages a sum of Rs 1200 crore as terror insurance fund according to the mandatory guidelines set by Insurance Regulatory and Development Authority (IRDA). In 2002, following the terrorist attacks on the World Trade Centre (WTC), a India Market Terrorism Pool (IMTP) was set up in India with a sum of Rs 200 crore to effectively deal with the unforeseen damage.

According to the General Manager of the GIC, Mumbai, the Taj Hotel has terror insurance of Rs 1000 crore. A number of appraisers are assessing the damage done due to the attacks on Taj Hotel and will soon quantify the loss in exact terms. In addition to loss of property, the business interruption loss also comes in the sphere of terror insurance.

 
Latest E-youth
Relevance of Economy News
With the increase in liberalization, privatization and globalization of the economies, people of a given nation are more involved and thereby make greater contribution to their country's economic More..
Key Indicators for Economic Growth 
The 'most recognized' indicators used for assessing a nation's economic growth are 'GDP' (Gross Domestic Product), 'GNP' (Gross National Product) and Balance of Payments. More..
Gross Domestic Product (GDP) - A Primer
In addition to being one of the most useful and trusted indicators of a nation's economic growth since decades, GDP also hints at the standard of living which the people of the country share. More..
Current State of Global Economy
The current state of Global Economy can be compared to that of a giant ship that existed, by the name 'Titanic'. This huge object was projected as something that was 'unsinkable'. More..
United States Economy
The US economy is the largest economy of the world. It is the most significant part of the world economy and can affect the international trade drastically More..
Overview of China's Economy
China's economy has been ranked as the world's fastest growing economy that has succeeded to escalate even after being the most populous nation of the world. More..
Major Economies of the World
To understand the World Economy well, you must attain the in-depth knowledge along More..
Singapore Economy - An Overview
The Singapore economy is also termed as the free-market economy or the capitalist mixed economy. More..
Indian Economy - An Overview
Over the recent years, the Indian economy has emerged as a star in the global economy. The world economy has witnessed the Indian economy surging ahead overcoming all the obstacles and breaking the barriers. During the year 2007, the growth of this dynamic economy was measured to be 9.2 percent. The reasons behind the rapid growth of the Indian economy are the markets reforms supported by huge FDI inflows, More..
G20 – An Overview
The G20 is a collaborative effort of 20 finance ministers and central bank governors from 19 economies of the world along with the European Union formed to cooperate and consult on matters relating to international financial system. Along with the European union the G20 group includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey, the United Kingdom, United States, More..
   Contact Us | About Us   Copyright © 2008 EconomyNews.in