Navratri pandals seek event insurance cover

With the ongoing festival season, non-life insurance companies are seeing a rise in the number of enquiries for event insurance covers from event organisers. However, it needs to be seen how much of these enquiries translate into actual sale of policies for the companies.

Says Sanjay Datta, Chief Underwriting, Claims and Reinsurance at ICICI Lombard General Insurance, “With the onset of the festival season, the number of enquiries for event insurance policies go up. This year there has been a 10 per cent rise in enquiries. Much of the business during festivals is region specific. For example during Navratri most of the business come from the Western region while for Durga Pooja, most of the business is from eastern regions.”

Gujarat where the festival is celebrated with huge pomp and show is generating maximum business for Future Generali India Insurance Company, the joint venture between Future Group and global insurer Generali. Future Generali has received around 90 per cent of their total event-related insurance proposals from Ahmedabad, Surat and Vadodara. The company has insured one of the biggest Navratri Festival in Baroda, Gujarat “United Way of this year.

Says Shreeraj Deshpande, Chief Operating Officer at Future Generali India Insurance, “In Gujarat, we have been covering Navratri festival since 2010. Over the last two years, we have seen the growth of 20 per cent in events related insurance covers. The event organisers are also guarding themselves against monetary liabilities arising out of event cancellation or non-appearance of celebrities at the functions.” The company’s data indicates that event organisers are primarily guarding venues and equipment. Event Insurance’ cover meant for Navratri festival extends from the festival kick-off till the immersion of the idol. It is safeguarding the Pandal organisers against the losses incurred due to fire and allied perils, burglary, earthquake, terrorism, national mourning and third-party public liabilities. The cover also insures the organisers against damage to pandal settings, electrical work, risks arising out of any stampede and poisoning of food.

Event insurance sales pick up with onset of programmes and events during — festivals starting from Janmashtami followed by Ganeshotsav which is followed by Navratri, Durga Pooja, Christmas and New Year celebrations. With the onset of the festival season, the number of enquiries for event insurance policies go up called the Baroda”