Despite being labelled a disaster-prone region, India is one of the least insured countries in the world.
Insecurity is good for the insurance industry. Back in the eighties, when the US satellite Skylab was expected to crash near the Indian subcontinent, there was a mad rush for damage impact cover. In 2001, the fallout from the Gujarat earthquake on Republic Day was enough for some city dwellers to scurry to get their immovable property insured against natural calamities. The riots following the Godhra incident this year again witnessed people rushing for insurance.
If one were to go by the fact that India accounted for five of the 100 most expensive natural disasters of the 20th century and that, in recent times, it has had several calamities
