USA-based catastrophe modelling firm AIR Worldwide has estimated that insurance companies may take a hit of around Rs 2,400 crore due to Cyclone Hudhud which recently battered Andhra Pradesh and Odisha coasts.
Promoters of insurance companies
would have a lock-in period of 5 years, insurance regulator
IRDA said in the final guidelines on corporate governance for
the sector, which has to report compliance by next fiscal.