The General Insurance Council says on its website that “buying a fire insurance policy brings customers peace of mind as it covers them for losses or damage resulting from a fire and other covered events/ perils.” None of the flats that were destroyed or damaged in Wednesday’s blaze in Indirapuram were likely insured against fire, society residents and office-bearers said. Fire insurance penetration is generally low across India, occupying a very small share – in terms both of premiums paid and population covered – of the non-life insurance pie that is made up largely of motor, health, and crop insurance. Existing fire insurance is mainly corporate or industrial – in the absence of a regulatory requirement, not many individual homeowners voluntarily opt for cover. This reflects a low risk perception from fire, fairly frequent fire incidents notwithstanding. Many state government buildings too are not insured, officials said.…