# Gujarat floods trigger thousands of crores in insurance claims, prompting rate hikes for industrial risks — retained record

> Retained news record from news:india-et-markets.

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-09-17 19:17 ingested 2026-09-18 02:55

[original source ↗](https://economictimes.indiatimes.com/markets/stocks/news/gujarat-floods-trigger-thousands-of-crores-in-insurance-claims-prompting-rate-hikes-for-industrial-risks/articleshow/134323430.cms)

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Welspun Living's Vapi plant is among the large industrial risks affected by the floods. The company's operations at the plant were disrupted from July 23, and its assets and materials were insured.
Welspun has filed a potential insurance claim of around ₹1,000 crore, people familiar with the matter said. HDFC ERGO is the lead insurer with about 30% of the insured limit, they said.
The Welspun claim comes as insurers are reassessing pricing for fire and property risks after Gujarat flood-related claims are expected to exceed ₹5,000 crore across the industry.
Read more: Gujarat: 35 deaths reported in 2 days, say officials; post-flood restoration work gathers speed
The Gujarat losses have prompted insurers to review pricing in the fire and property segment, with some seeking to hold natural-catastrophe rates at more sustainable levels rather than continue aggressive discounting, according to industry participants.
Insurers are discussing a floor for the natural catastrophe component of fire insurance premiums amid concerns that aggressive discounting of large industrial risks has left pricing inadequate for the underlying risk.
The Gujarat losses have increased the case for insurers to differentiate pricing based on location and catastrophe exposure rather than competing primarily on premium discounts, the people said.
The correction is, however, expected to depend mostly on the stance of global reinsurers, which provide most of the capacity for large industrial risks.
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