IFFCO TOKIO's new weather index to solve weather insurance problems

PRLog (Press Release) - Jun 15, 2009 -
This unique weather index will take into consideration a vast range of factors, like the soil type, foliage, temperature variations and moisture related data. N K Kedia, marketing director of Iffco Tokio, feels that the India Meteorological Department (IMD) is not up to the mark when it comes to providing weather insurance information. There are several shackles that hold it back. The technology used is primitive and still relies on manual intervention. Reporting delays and a highly insufficient historical data bank further accentuate the problem.

In the previous fiscal, motor insurance premium had a 45 per cent share in the company's gross written premium (GWP), with health premium lagging behind at 9 per cent. Iffco Tokio General Insurance  (http://www.paisawaisa.com/insurance/iffco-tokio-general-i...) has now decided to focus on motor and health insurance, while also working on a more efficient distribution network. Cooperative institutions in rural areas will be targeted as effective sale points.

Iffco Tokio had a GWP of Rs. 1,515 crore last fiscal. The GWP this year is expected to rise and record close to Rs. 1,650 crore.

For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Webmaster or visit http://www.paisawaisa.com

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