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The lead insurer for Indian Oil Corp. is ICICI Lombard General Insurance Co. Ltd. [78522] with 50% of insurance share, followed by Oriental Insurance Co. Ltd. [86044] with about 25%, according to a report by Guy Carpenter, a global reinsurance broker.
The remaining 25% of insurance cover is held by Iffco Tokio General Insurance Co. Ltd. [88747] and state-owned National Insurance Co. Ltd. [86042].
National reinsurer General Insurance Corp. of India [86041] has reinsured close to 35% of the cover, according to the report.
The fire broke out at the storage depot owned by Indian Oil Corp. in Jaipur in the western state of Rajasthan. The fire caused damages to the nearby Sitapura industrial area, which had to stop operations. The fire killed at least 13 people and injured 200.
The fire burned an initial estimated product value of 1.5 billion rupees in petroleum stocks, which were insured, according to Indian Oil Corp. The depot has a 100,000-kiloliter capacity.
At least 500 small and large adjoining factories were damaged, with losses ranging from 500,000 rupees to 700,000 rupees, according to the Sitapura Industrial Association. Evacuated residents reported damage to their houses, and some residents suffered respiratory, eye and skin problems.
The Indian government provided compensation of 1 million rupees to the families of those killed, 200,000 rupees for the seriously injured, and 100,000 rupees for those with minor injuries.
There was no immediate indication the fire was the result of an attack by terrorists, according to government police. The government has created a committee to investigate the cause of the fire.
(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)
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