Big, boisterous festivals like Dahi Handi, Ganesh Puja and Durga Puja draw millions of people onto the streets, prompting insurers to increase coverage and costs for organizers and participants.
Now that festivals are receiving government support, organisers are encouraged to opt for comprehensive insurance packages to safeguard their assets and participants.
Insurers have covered over 90,000 Govindas, who will form human pyramids at the Dahi Handi festival on August 27.
“As of August 25, 94,753 Govindas have been insured. This number is expected to rise further as proposals for 5,000 to 8,000 Govindas are being received every day. Last year, the total number of Govindas insured touched 95,000,” said Sachin Khanvilkar, manager, Oriental Insurance Company.
“Each participant benefits from an insurance cover of Rs 10 lakh, insured at a nominal premium of Rs 75. So far, the state government and Vasai Virar Municipal Corporation have contributed nearly Rs 60 lakh towards the premiums, while the mandals have taken out the insurance separately. Over 1,200 mandals have been insured and we hope to take it up to 1,500 this year,” Khanvilkar said.
Bajaj Allianz General Insurance chief technical officer TA Ramalingam said premiums charged for festival insurance had more than tripled from less than Rs 20 lakh five years ago to over Rs 70 lakh in FY24, with the sum insured growing by about 200 per cent.
“With increased awareness about this type of insurance, we are seeing more business during these events. Also, we have revised our product offering compared to previous years, allowing us to capture a larger market share,” he said, adding that the company expects a 15 to 20 per cent growth in premiums for fiscal 2025 compared to the previous year.
The Maharashtra government has played a key role in providing insurance during Dahi Handi. The government’s focus on ensuring the safety of participants and the public during large-scale events has led to increased adoption of insurance policies, according to Sumit Bohra, president of the Insurance Brokers Association of India.
This has also encouraged more organisers to consider comprehensive coverage to mitigate risks associated with unforeseen incidents, Bohra said.
The insurance packages cover accidental injuries during the formation of human pyramids during Dahi Handi or risk of death during idol immersion. Damage to idols, mandaps, decorations, liability and fire risks are also covered, he said.
Insurance underwriting for Ganesh Puja, which falls on September 7, will begin after Dahi Handi. Insurers are hoping to see a good push in insurance for Ganesh Puja ahead of the state government elections, which is a common trend.
First published: August 25, 2024 | 19:11 IS
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