Last month's terrorist attacks against multiple targets in Mumbai could represent an insured loss of up to $600 million for property and liability claims. But while the horrific event might prompt rate hikes specifically for terrorism coverage–especially in India–it should not impact the overall commercial insurance market, industry officials say. The attacks spread over four days late last month resulted in the deaths of over 170 people, and injured nearly 300 additional victims.
In a “RISK-i” report on its Cat Central site, the Guy Carpenter reinsurance brokerage noted that sites in the city that were hit included two luxury establishments (the Taj Mahal Hotel and the Oberoi Hotel), along with the popular Leopold Caf?, Chhattrapati Shivaji (a major railway hub), Cama Hospital and the Nariman House Jewish Center, which were badly damaged by explosions, fire and gun battles.
Guy Carpenter said the 565-room Taj Mahal Palace and Tower Hotel, damaged by sporadic fires, is owned by the Tata Group, which has vowed to rebuild the damaged areas of the building.
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