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Over the next week, super heavy showers are set to hit the Indian subcontinent, especially in the states of Tamil Nadu, Kerala, South Interior Karnataka, Konkan and Goa, Madhya Pradesh, Maharashtra, Arunachal Pradesh, and Gujarat, the IMD (<keyword id="19963725" type="General" weightage="20" keywordseo="Indian-Meteorological-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Meteorological Department" meta.hostid="261" meta.entityid="Indian Meteorological Department">Indian Meteorological Department</keyword>) has predicted. Yesterday, India's financial capital, Mumbai was hit by a surprise, albeit hefty deluge of rain. Consequently, a yellow alert was issued for Thane, Pune, Palghar and other areas near to Mumbai. Between October 13-16, very heavy rainfalls are also expected in Kerala, Tamil Nadu, Andaman and Nicobar Islands, Gujarat and Andhra Pradesh. It's no secret that incessant rains also bring about significant economic damages. As seen very often in the past, a constant barrage of torrential rains can also quickly create a flood-like situation, which can wipe away houses, vehicles and everything that comes in its way. Per media reports, the average economic impact on India due to <keyword id="19912527" type="General" weightage="20" keywordseo="floods" source="keywords">floods</keyword> between 2011 and 2021 has been a staggering Rs 25,805 crore. Imagine this-your entire se is flooded. Water has seeped into everything—your walls, furniture, and even the plumbing. Without a <keyword id="22058670" type="General" weightage="100" keywordseo="home-insurance" source="keywords">home insurance</keyword>, you'll have to spend a hefty amount towards repairs and to get your life and home back on track. <h2>Getting your home insured</h2>So, if you are wondering how to protect your hard earned material but immovable assets like house, the answer is right in front of you- Home Insurance. Says Dilip Baba, Head of Commercial and Speciality Underwriting, Go Digit General Insurance, "People usually spend their entire life savings on purchasing a home. However, people rarely think about how to protect their investment. By investing in the safety of home insurance, you can enjoy peace of mind knowing that your property is covered in case of unforeseen events. With home insurance, you can opt for three types of coverage-structure, content and comprehensive. While structure simply insures the physical, immovable formation of your house (walls, roofs), content coverage goes a step ahead and takes care of damage caused to your movable items like furniture, electronics and other items due to natural calamities, theft and more, up to a certain limit. This can also include any valuable artwork or antiques, or additional installation like solar panels you might have at your home. A comprehensive home insurance brings together both structure and contents in its insurance ambit. Having a home insurance can not just protect you from natural calamities like floods, but also from unforeseen events like theft, fire and more. The annual premium of a home insurance policy can range between Rs 2,000 to Rs 10,000 depending on the type and extent of coverage taken. Before buying a policy, be sure to clarify whether it offers actual cash value, which considers depreciation, or replacement/reinstatement cost, which covers the full replacement without depreciation deductions. To be on the safe side, you can also choose additional covers like accidental death insurance, or rent coverage, if you lose out on rental income due to damage caused to your property. You can use the carpet area of your house to get a sense of your home insurance requirements. Other covers you can opt for include valuable contents (on agreed value basis under home contents cover), additional living expense cover, tenant liability insurance, among others. Says Amit Bhandari, Chief Technical Officer at Magma HDI General Insurance, "When selecting a policy, it’s crucial to assess the unique risks that your home may face, particularly if you live in an area susceptible to <keyword id="19922196" type="General" weightage="20" keywordseo="natural-disasters" source="keywords">natural disasters</keyword>. You should tailor your coverage to address these risks while considering premium reduction strategies, such as excluding unnecessary coverages".

Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

Electric vehicles (EVs) are all the rage these days. With their promise of lower emissions and smooth, quiet rides, it’s no wonder that the global demand for EVs has been soaring. However, if you live near the coast — or anywhere prone to flooding — there’s a less-talked-about risk that could make you rethink that shiny new electric car parked in your driveway: saltwater-induced fires from flooded EV batteries. <h2>Saltwater and EV batteries</h2>When it comes to EVs, the heart of the vehicle’s power lies in its battery, usually a lithium-ion (Li-ion) pack. These batteries are highly efficient, but they’re also sensitive to water, especially the salty kind. In September and October 2024, the Southeast U.S. was hit by hurricanes Helene and Milton, which caused catastrophic flooding. Thousands of homes were damaged, and in a particularly frightening twist, 11 electric cars and 48 lithium-ion batteries caught fire after being exposed to salty floodwaters. Saltwater is a conductor of electricity, which means it can get into the EV battery packs, triggering a dangerous reaction. When water seeps into the battery, it can cause a short-circuit between the battery's terminals, which may lead to overheating, violent fires, and even explosions. In many cases, the fire doesn’t start right away — it can take hours or even days after the exposure before a thermal runaway event occurs, causing a dangerous blaze. Once the fire starts, it’s nearly impossible to put out with regular fire-fighting methods. Firefighters often have no choice but to let the battery burn itself out. <div type="Article" hostid="261" msid="113906136" title="Planning to purchase an EV? Here&amp;#39;s how to ensure it never catches on fire" mstype="2" mssubtype="0"></div>In 2022, during Hurricane Ian in Florida, 36 EVs that had been flooded reportedly caught fire, even some that were being towed on flatbed trucks. The problem lies in how lithium-ion batteries react to saltwater. The metal terminals in these batteries, when exposed to salty water, can corrode and build short-circuiting paths that lead to fires days later. The fire hazard remains even in fully discharged batteries, meaning even seemingly "safe" vehicles after flooding could still pose a serious threat. <h2>The risk to coastal cities</h2>This issue is especially concerning for coastal cities where rising sea levels and hurricanes are becoming more frequent. According to a 2023 report by the International Energy Agency (IEA), <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> adoption is growing rapidly in many parts of the world, including India, where EV sales increased by around 50% in the first quarter of 2024 alone. Cities like Mumbai, Chennai, and Kochi are embracing EVs due to their environmental benefits and growing infrastructure support. However, these coastal cities are also at higher risk for flooding, making the combination of increased EV adoption and rising sea levels a perfect storm for potential disaster. In fact, areas prone to heavy rains and floods, like India’s coastal cities, are facing unique challenges. The combination of frequent monsoon floods and rising sea levels presents a scenario where more and more EVs could end up submerged in salty floodwaters, increasing the risk of battery fires in the region. <h2>What does this mean for you?</h2>While electric cars are generally safe under normal conditions, the growing risk of battery fires due to flooding is an important factor to consider if you live in flood-prone areas, especially near the sea. The key takeaway here is that EV owners should take extra precautions when natural disasters loom, particularly hurricanes and floods. Here's what you can do to protect your EV: <ul><li>Move your EV to higher ground: If you're in a flood zone, take your EV to higher ground or evacuate it if possible. This will help prevent it from being submerged in salty water.</li><li>Evacuate early: Be proactive and evacuate before the floodwaters hit. Don't wait for the last minute to move your vehicle to safety.</li><li>After the flood, treat submerged EVs with caution: If your EV has been submerged in water, especially saltwater, it’s essential to avoid using it, charging it, or even moving it until it’s been inspected by professionals. Contact the manufacturer for a thorough inspection of the battery.</li><li>Do not attempt DIY fixes: If your vehicle has been exposed to saltwater, do not try to start it, charge it, or fix the battery yourself. The risks of fire are too high, and professionals are trained to handle such situations safely.</li></ul>

Buying an EV may be a somewhat dangerous move if you live near the sea

Dhaka: <keyword id="19919639" type="General" weightage="20" keywordseo="bangladesh" source="keywords">Bangladesh</keyword>'s garment industry, a vital economic pillar, is facing a severe crisis due to a volatile mix of <keyword id="20444027" type="General" weightage="20" keywordseo="political-unrest" source="keywords">political unrest</keyword>, including violent protests, and catastrophic flooding, threatening to unravel years of rapid growth and global prominence. The textile and garment industry, which accounts for over 80 per cent of Bangladesh's total export earnings and contributes approximately 11 per cent to the nation's GDP, has been hit hard. This industry contributes significantly to export earnings and employs millions. Following the unprecedented anti-government protests, which reached a crescendo on August 5, Sheikh Hasina resigned as prime minister and fled the country. She landed in India on August 5 and is currently staying there. The two-month-long anti-quota protests have led to widespread demonstrations, curfews, and violence. This unrest has not only disrupted factory operations but has also caused significant economic losses. Factories were forced to close, and with the peak season for Christmas shipments and the booking of next season's orders upon us, the timing of the unrest has exacerbated the crisis. The Bangladesh Garment Manufacturers and Exporters Association (<keyword id="22930680" type="General" weightage="20" keywordseo="BGMEA" source="keywords">BGMEA</keyword>) recently has reported substantial financial losses, estimating a shortfall of Tk 6,400 crore (approx Rs 4,500 crore) due to the shutdowns and communication breakdowns. Khandoker Rafiqul Islam, the newly elected president of the BGMEA, mentioned that the goal of reaching nearly USD 45 billion in exports this year may not be achieved. He attributed this to disruptions in both export activities and production. "I think this is a temporary crisis and we will tide over it. The exact magnitude of the losses will be known later, but yes, there has been an impact," he told PTI. Echoing similar sentiments, former cabinet minister and president of BGMEA, Gholam Sarwar Milon, said the garment industry has been badly hit by both the political unrest and the floods, as both production and the supply chain of raw materials have been severely affected. "The crisis in the garment industry is unprecedented. Production is nearly 15-20 per cent less than the corresponding period last year. Several orders have dried up as investors and order suppliers are wary about investing. Several small factories have either closed down or are working on sub-contracts for big factories," he told PTI. According to BGMEA sources, out of 3,000 major and small garment factories in Bangladesh, nearly 800-900 have closed since last year. "The big factories have survived, but the small and medium factories have borne the brunt. If the situation persists, it will worsen further," he said. Milon suggested that the garment industry needs to diversify into making jute bags and other high-end clothing and also look for new markets. The Bangladesh Textile Mills Association has projected losses of around USD 58 million. The impact on the industry is compounded by the recent flooding, which has further disrupted logistics and exacerbated the economic fallout. Bangladesh's main port, Chattogram, through which more than 90 per cent of the country's international trade transits, has become a focal point of the chaos. The port's operations were paralysed during the political unrest, leading to significant delays in shipments. Factories have struggled to maintain production schedules, and backlogs at ports and airports have stretched to a month in some cases. To mitigate the damage, factories have turned to air freight and extended working hours, but these measures have not fully alleviated the delays. The president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Mohammad Hatem, said orders are down by 15-20 per cent. "The industry has incurred huge losses in the last few months. In 2014, during political unrest, we suffered a similar situation. It then took us three years to return to the previous state. We hope to tide over the situation soon as Chief Advisor <keyword id="20024384" type="General" weightage="20" keywordseo="muhammad-yunus" source="keywords">Muhammad Yunus</keyword> is taking several steps to restore normalcy," he told PTI. Hatem feels that if the situation is not overcome soon, there is a growing perception that foreign investors might look at new markets in other South Asian nations. "However, other South Asian markets don't have the infrastructure like Bangladesh, which has such huge production capacity," he said. The garment industry's workforce, which employs over 4 million people directly and nearly 15 million indirectly, with a significant proportion of women, faces mounting uncertainty. The sector's remarkable growth over the past two decades-from USD 5 billion in exports in 2001 to nearly USD 40 billion in 2023-now stands at risk. The floods have compounded the challenges, causing damage to infrastructure and further complicating logistics. Monsoon rainfall-triggered floods in deltaic Bangladesh and upstream Indian regions have killed several people and marooned or affected nearly 3 million others in Bangladesh, posing a huge administrative challenge to the newly installed interim government amid a political transition. "Due to the floods, the supply chain has been badly affected. We reached a high in 2023-24 where our garment exports touched around USD 46 billion. This time it is likely to be much less," said former army major and owner of a woollen garment factory, Mahfuzur Rehman. The sector's growth from a small-scale operation in the early 1980s to becoming the world's second-largest apparel exporter, after China, underscores its strength. In the financial year 2009, Bangladesh's apparel exports were valued at USD 12 billion. By the financial year 2023-24, this figure had surged to over USD 46 billion, reflecting the industry's capacity for recovery and growth even amid adversity. In response to the crisis, the interim government, now led by Nobel Peace Prize-winning economist Muhammad Yunus, has prioritised restoring order and stability. According to garment industry insiders, the path to recovery is fraught with challenges as the political instability has undermined investor confidence, and the recent flooding has further strained the already fragile infrastructure. "The sector's resilience will be tested as it attempts to regain its footing and restore its reputation as a reliable global supplier," a garment industry owner, who did not wish to be named, said. He added that despite the current crisis, Bangladesh's textile and garment industry has shown great strength and the ability to recover in the past.

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Heavy rains to lash across the country between Oct 12-16, here's how you can insure your home from rain's fury

Ira Alok Puranik

Buying an EV may be a somewhat dangerous move if you live near the sea

BI India Bureau

Bangladesh garment industry faces crisis amid political unrest and floods

PTI

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