Page 5 - Risk Management Bulletin April -June 2021

RMAI BULLETIN APRIL TO JUNE 2021

TROPICAL

CYCLONES - A

CHALLENGE TO

INDIAN GENERAL

INSURANCE

INDUSTRY

T ropical Cyclone is a hazard experienced on Paradeep, Haldia while Gujarat has well developed

ports growing very rapidly. Refineries and downstream
sea coasts in the tropical regions of the
earth and is known to man for many
plant complexes are generally located in & around the
centuries. They have caused catastrophic
havocs in terms of loss of human lives and damage to port cities. The population of the port cities is ever
increasing and so there are consumer industries to
the assets on the coasts. meet the growing needs of ever increasing population.
About 80 cyclones hit coasts ion the tropical regions
India is blessed with a long coast of 7516.5 kilometers of the earth every year and about 6% hit Indian coast.
covering both the east & west coast. The sea ports are The vulnerability of the port cities therefore is
gateways to international trade resulting in port cities increasing with no tools available to assess & quantify
with large population and creation of huge capital the risk of Tropical Cyclone and to control it to
assets. Mumbai developed into commercial capital of acceptable/insurable level.
India since it was a port city. Similarly port cities on
the east coast such a Chennai, Vishakhapatnam, A lot of data is available in terms of regions prone to
Tropical Cyclones, their intensities & frequencies. The
About the author effort however is directed towards predicting the
Tropical Cyclone track and giving early warnings and
Shreenivas Vasudeo Kulkarni to save lives. The human losses are reduced
Panel Expert / Consultant - Unity substantially in the 21st century. Thanks to the
Geospatial LLP satellites and the early warning systems developed by
Retired Risk and Insurance Management
Consultant meteorological offices world over and the disciplined
B. E. (Electrical), AIII (Indian Insurance Institute, Mumbai), evacuations carried out by the local governments. But
ACII (The Chartered Insurance Institute, London), DIPSM the Tropical Cyclones continue to cause enormous
(British Safety Council, London) economic damages/losses.

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