Hindustan Composites Recovers ₹37.5 Million in Insurance Settlement After ₹64 Million Fire Damage

Hindustan Composites Limited (HCL) has received a final insurance settlement of ₹37.5 million following a fire incident at its Bhandara plant that caused damage estimated at ₹64 million. The fire, which occurred on January 27, 2024, prompted an immediate investigation into its cause and extent of damage. This settlement marks a significant recovery for HCL, covering over 58% of the reported losses. The company's swift action in claim processing and the substantial payout highlight the importance of robust insurance coverage in the manufacturing sector. This development comes as the insurance industry braces for potential premium hikes of up to 60% in fire and engineering covers for 2025, underscoring the growing risks faced by industrial operations.

 

Sources: Hindustan Composites Limited Investor Relations, Business Standard, CNBC TV18