Greetings from Beacon.
As a routine, we update you about new information from the insurance industry.
NOW WITH EFFECT FROM 1ST JAN 2020 FIRE PREMIUM IS GOING TO INCREASE MANY FOLDS FOR MOST OF US.
Minimum rates for each industry has been provided by IIB , a Division of IRDA.
IIB ( division of IRDA) with burning rates ( based on previous claims in that risk) and second is internal circular from GIC RE.
GIC RE is a reinsurance company and it’s instructions are almost binding on all Indian insurance companies.
We can share the detailed circulars if we get your contact details or you can connect to beacon’s local office or mail us back.
Or message or whatsapp on 9825096657.
The impact is that whatever discount we were getting in fire premium ( FLEXA) other than STFI & EQ ( storm, flood, inundation & Earthquake) will be fixed now as per the IIB rates above. However these are minimum rates and based on claim experience loading can be done.
This is a flash news to you and we shall connect with you regarding specific increase in your insurance premium and how to optimize it.
Beacon team is working on it and very shortly we shall come back with more specifics.