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London, December 11: The Tamil Nadu floods in which millions had suffered caused an estimated Rs 20,103 Crore losses to the Indian economy, Aon Benfield a reinsurance broker said in its monthly report on global catastrophes. The severe rainfall that took place in the southern state of India in November and December had claimed lives of more than 400 people and over 1.8 million have been displaced.
The giant broker company said in its monthly report, “The Indian economy suffers USD 3 billion (Rs 20,103 Crore) in loss from persistent floods amid low insurance penetration”.
Adityam Krovvidi, head of impact forecasting, Asia Pacific at the Aon Benfield, was quoted by reuters whe he said, “New economic developments in Asia are taking place in flood plains and marsh lands with scant attention to drainage, thus increasing run-off and flooding”. Read Also: (Centre declares Tamil Nadu floods ‘calamity of severe nature’)
He further added, “The 100-year rainfall event in Chennai exposed the inherent weakness of the one-dimensional nature of this economic pursuit.”
India’s General Insurance Corporation reported insurance claims of around Rs 2,011 Crore losses to Indian economy. However the figure is far much higher and experts belive that the estimated loss coudnt be counted at all.
Some reports also suggest that tghe losses due to serial rains in Tamil Nadu could be more than Rs 100,000 Crore and it is irrepairable.
The report of Aon Benfield also suggest that more than 1,00,000 structures have been permenantely damaged the state and forced the Centre to declare the floods of ‘calamity of severe nature’.
The floods is considered to be one of the worst floods in past few years and had resulted in shutting down of several schools, factories and offices.
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