Indian insurers create Rs 500 crore ‘fertiliser pool’

CHENNAI: To provide insurance cover to fertilisers imported from Russia and Belarus, the Indian insurance sector has created a Rs 500 crore ‘fertiliser pool’, said a senior industry official. “With European reinsurers not willing to provide reinsurance support to imports from Russia and Belarus and while India imports a sizable volume of its fertilisers from these two countries, the non-life insurance industry has decided to create a Rs 500 crore pool,” the senior industry official preferring anonymity.

Bulk of it would be contributed by the national reinsurer General Insurance Corporation of India and all other multi-line non-life insurers would also be contributing to the pool corpus. The reinsurers in Europe and the US are not providing cover to goods going out of Russia and Belarus due to the Russia Ukraine war.