State government undertaking Sikkim Urja's Rs 11,400 crore claim for the destroyed 1,200MW Teesta III hydropower project may become a landmark in climate risk management. Reinsurers have capped their liability at Rs 500 crore for Glacial Lake Outburst Floods (GLOF) as these climate change events are considered too significant for conventional covers. GLOFs occur when the dam or moraine holding a glacial lake back fails, releasing a substantial volume of water downstream.
- News Source Indiatimes (Click to view full news): CLICK HERE
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