Financial Daily from THE HINDU group of publications
Thursday, Jan 12, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 12, 2006 |
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Money & Banking
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General Insurance Thermal imaging to mitigate fire risks Our Bureau
Chennai , Jan. 11 CHOLAMANDALAM MS Risk Services Ltd, a Chennai-based joint venture between the Murugappa group and Mitsui Sumitomo of Japan, has introduced a product to mitigate fire risks, using a Rs 40-lakh thermal imaging camera. The camera can detect `hotspots' in, for example, a manufacturing unit and can reveal the potential disaster sites. The product is meant to complement the operations of Cholamandalam MS General Insurance Company, which believes that such risk mitigation techniques would become the order of the day, after insurance tariffs go. Though Cholamandalam MS Risk would charge Rs 30,000 a day for thermal filming, company officials believe that the service would save a lot more by avoiding fire disasters. "In Western countries, plants that are scanned with thermal imaging camera are provided fire premium discounts by insurance companies," says a background note of the company. Mr Arun Agarwal, Managing Director, Cholamandalam MS General Insurance, said that the company proposed to bring in products for credit insurance.
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