Tuesday, December 12, 2017

After Nepal quake, Indian insurers seek mandatory building code

Non-life insurers in India are set to ask authorities to make earthquake-resistant construction codes mandatory for availing property insurance against damages caused by earthquakes, a report published by India’s Livemint revealed.

The appeal comes after a devastating earthquake hit Nepal last 25 April.

While some Indian insurers have an exposure to the general insurance market in Nepal, the General Insurance Corporation of India or GIC Re is the top reinsurer in that country.

The report said non-life insurers and the Insurance Regulatory and Development Authority (IRDA) will appear before India’s National Disaster Management Authority (NDMA) to ask that builders, engineers and architects adhere to earthquake-resistant building codes if the owners of buildings want to avail themselves of property insurance.

NDMA can formulate policy and mandate local authorities to follow codes and norms.

Building codes have already been adopted by some states in India but they are not mandatory for builders and developers.

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