The Economic Survey said low insurance penetration in India was evident from data on recent calamities, a case in point being the 2014 Kashmir floods. Photo: ReutersNew Delhi: With India incurring losses to the tune of $9-10 billion annually due to extreme weather events, the second volume of the Economic Survey 2016-17 released on Friday pitched for climate insurance instruments. The survey said low insurance penetration in India was evident from data on recent calamities, a case in point being the 2014 Kashmir floods. “We have been highlighting the importance of doing climate risk assessment and understanding the financial exposure of investment in infrastructure. “We need to have a rational approach that balances environment, climate, economic development and energy security needs.

Source: Mint August 11, 2017 17:26 UTC