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GIC wants to divert terror insurance money for oil and nuclear risks

India has Rs 15,000 cr in terror risk insurance: Money could be better used


Subhomoy Bhattacharjee New Delhi

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More than Rs 15,000 crore (about $2 billion) is sitting unused in India’s insurance pool against terrorism and could be used to cover nuclear accidents or for imports of Russian oil. Such insurance will encourage foreign nuclear power companies to invest in small modular reactors in India.

A proposal to divert the pool’s money was discussed at a recent meeting of nonlife insurance companies and state-owned General Insurance Corporation of India, or GIC Re. GIC Re created the terrorism insurance pool in 2002 after Indian markets lost global cover in the wake of the 9/11 attacks in the

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First Published: Nov 14 2023 | 12:46 PM IST

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