Fire & engineering segment sees drop in rates

Saturday 15, February, 2014 In order to attract more clients, general insurers have started offering up to 40 per cent discounts in insurance premium rates for the fire and engineering segment. This segment largely covers manufacturing plants and large-scale industrial projects from fire and other risks associated with construction and maintenance. Other than manufacturing, fire and engineering policies are offered to sectors such as auto, oil & gas, power, and infrastructure. With the manufacturing industry bogged down with lesser manufacturing activity and slower take-off of new projects, new policies have taken a hit.

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