Mr. Gaurav Arora – Chief Reinsurance, UW & Claims for Property & Casualty, ICICI Lombard

In India, weddings are one of the most significant milestones in life, often planned with great care and substantial financial investment. The industry is now valued at a staggering $130 billion (₹10.7 lakh crore). The costs continue to rise, with budgets surging 14.29 per cent year-over-year, reaching an average of ₹32-35 lakh per wedding. While such massive investments are accompanied with equally massive celebrations, the awareness to secure this investment is unfortunately with only a few.  Very few people are aware of how a wedding insurance policy works as a safety net to ensure a dream wedding does not turn into a financial disaster when things go south. From last-minute cancellations to natural disasters, wedding insurance can help recover incurred costs or unexpected expenses and ensures that in the event of a mishap, it does not add to the misery of the unfortunate families whose wedding got cancelled by providing a financial safety net. In a wedding in Gujarat, a food poisoning outbreak left 250 guests sick, turning a joyous occasion into a nightmare. These incidents highlight a harsh reality — no matter how much money is spent on planning, things can still go wrong. After a home, the wedding is often the biggest investment made by an individual, yet surprisingly few people choose to insure this momentous occasion, despite the prevalence of insurance for other asset classes

Weddings in India - A celebration like no other

India has one of the largest wedding industries, where marriages are more than just unions — they are grand cultural celebrations. Spanning multiple days with lavish ceremonies, sangeet, and receptions, these events often host hundreds or even thousands of guests. Families spare no expense, investing heavily in venues, décor, catering, attire, and entertainment to make the occasion unforgettable.

With the last wedding season between November 12 and December 16, 2024, witnessing a record 4.8 million weddings and generating ₹6 trillion ($71.33 billion) in business, the Indian wedding industry continues to grow at an unprecedented pace. This marked a sharp rise from ₹4.74 trillion in 2023, highlighting the immense financial commitment involved in Indian weddings.

The nightmare scenario - What if things go wrong?

Months of meticulous planning and substantial financial investments may come undone in a matter of minutes due to circumstances beyond anyone’s control. Weddings are grand, and despite the best preparations, things may go wrong. One of the most common risks is venue cancellations, which can happen due to sudden government restrictions, instances of localised unrest, or natural disasters. Extreme weather conditions are also a growing concern, especially for outdoor weddings.

Medical emergencies is another major risk factor. A sudden illness in the family or an accident involving the bride or groom can force postponements or even cancellations. The financial losses in such cases may be substantial, as most wedding vendors require non-refundable advance payments.

Moreover, the amount spent on the wedding attires and jewellery is substantial. As the wedding celebrations are getting grander, unfortunate incidents of theft, pilferage or accidental damages to such items are increasingly observed. Also, injuries caused to guests due to faulty props used at wedding celebrations are also seen.

Wedding insurance - A safety net for your celebration

This is where wedding insurance becomes a game-changer. It provides financial protection against unforeseen circumstances that could disrupt or cancel a wedding, ensuring that families do not suffer financial losses due to unfortunate events.

A well-structured wedding insurance plan typically covers:

1. Wedding cancellation or postponement: It covers non-refundable deposits if the wedding is delayed or cancelled due to reasons like medical emergencies, extreme weather, or other similar natural disasters, which renders the venue unsuitable for the wedding. Moreover, it ensures that families can reschedule without incurring heavy financial losses.
2. Mandap and property damage protection: If the wedding mandap is damaged due to fire, flooding, or accidents, the costs incurred are covered in insurance.
3. Public liability coverage: If a guest or vendor suffers an injury, the medical and legal expenses are covered in insurance. This is crucial, especially for large-scale weddings with thousands of attendees.
4. Personal Accident: It covers accidental death and injuries caused to the insured and their immediate family members due to accidents at the wedding venue.

Final word - Secure your big day

Despite common misconceptions, wedding insurance is an affordable and highly practical investment. The cost of wedding insurance is negligible compared to the overall wedding budget. It ensures that even if something goes wrong, the affected family whose wedding got affected is insulated from any financial burden. Given how much effort and money goes into planning a wedding, securing it with insurance is just as important.  At the end of the day, a wedding should