INDIAN INSURANCE LOSSES PUT AT RP5BN

Preliminary estimates of insured losses in India as a result of the December 26 tsunami have been put at about RP5bn, with economic losses coming in at about Rp20bn, according to local business newspaper Financial Express . A common control room has been established for the four state-owned companies, which are expected to be the most affected by the disaster. Fishermen belonging to the National Federation of Fishermen's Co-operative will be covered under the Janta Personal Accident Scheme, operated by Oriental Insurance. Under this scheme each fisherman will receive compensation of Rp50,000, with total claims reaching Rp4bn. The newspaper reported that this would “significantly affect the company’s bottom line”. Meanwhile, in light of events, Indian state-run insurer employees have postponed a strike scheduled for today.