Indian Hotels (which runs the Taj Mahal hotel) and EIH Ltd (which operates Oberoi Trident) have so far got Rs 167 crore as insurance claim from General Insurance Corporation (GIC Re) on account of the 26/11 terror attacks in Mumbai. This part-payment was given from the total claim of Rs 500 crore, a top GIC official said.

“As the insurance claim against the 26/11 terror attack on Taj and Trident hotels in Mumbai has gone up to the tune of Rs 500 crore, we have so far paid Rs 167 crore from the terror pool amount. As of now, terror pool cover has gone up from Rs 1,300 crore to Rs 1,500 crore,” said Yogesh Lohiya, chairman and managing director of GIC Re.

“As far as our company is concerned, the total hit from the claim on us was Rs 90 crore only and we are likely to get a sum of Rs 350 crore as recovery amount from various reinsurers that were involved in the deal,” Lohiya said after addressing a seminar orgainsed by the National Insurance Academy in Mumbai.

When asked about the fire at the IOC depot in Jaipur, Lohiya said, “The asset losses for Indian Oil Company (IOC) were Rs 240 crore. The claim can’t go beyond this amount as the incident happened in that particular depot. GIC Re has got a hit to the extent of 30 per cent of the amount in its book, where 10 per cent has been calculated on the compulsory feed and the remaining 20 per cent has been lifted by it. For the third party liability, GIC Re has taken a hit of 20-25 per cent,” said Lohiya.

... contd.