'Chennai Floods Have Caused $3 Billion Loss To The Indian Economy'

11/12/2015 9:54 AM IST | Updated 15/07/2016 8:25 AM IST
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An Indian labourer pushes his cycle trishaw through floodwaters in Chennai on December 1, 2015, during a downpour of heavy rain in the southern Indian city. Heavy rains pounded several parts of the southern Indian state of Tamil Nadu and inundating most areas of Chennai, severely disrupting flights, train and bus services and forcing the postponment of half-yearly school exams. AFP PHOTO/STR / AFP / STRDEL (Photo credit should read STRDEL/AFP/Getty Images)

LONDON -- India suffered a $3 billion loss to its economy from severe rainfall and flooding in November and early December, reinsurance broker Aon Benfield said in its monthly report on global catastrophes.

"New economic developments in Asia are taking place in flood plains and marsh lands with scant attention to drainage, thus increasing run-off and flooding," Adityam Krovvidi, head of impact forecasting, Asia Pacific, at Aon Benfield, said in a statement.

"The 100-year rainfall event in Chennai exposed the inherent weakness of the one-dimensional nature of this economic pursuit."

India's General Insurance Corporation reported insurance claims of around $300 million, Aon Benfield added, indicating low insurance penetration in India.

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