Last week’s attacks at multiple locations in Paris and the Radisson Blu hotel in Bamako have sharpened focus on the need for insurance to protect against losses due to terrorism. The importance of terror insurance was brought home by the September 11, 2001 attacks, and the 26/11 attacks in Mumbai prompted India Inc. to opt for terrorism insurance cover in a big way. The Indian Terrorism Pool, set up in 2001, paid some large claims for the first time. But while many small and medium businesses and infrastructure projects are yet to be covered — easily the most vulnerable are central and state government buildings, including Parliament House and Rashtrapati Bhawan, and the Indian Railways,...
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