112th Day Of Lockdown

Maharashtra26992414450710482 Tamil Nadu142798925672032 Delhi113740913123411 Gujarat42808298062056 Karnataka4158116249759 Uttar Pradesh3813024203955 Telangana3622123679365 West Bengal3144819213956 Andhra Pradesh3110316464365 Rajasthan2493618630518 Haryana2192916637308 Madhya Pradesh1820713208653 Assam178081141741 Bihar1742112364125 Odisha13737925591 Jammu and Kashmir108276095179 Kerala8323425732 Punjab81785586199 Chhatisgarh4265320219 Jharkhand3963235131 Uttarakhand3608285647 Goa2583154014 Tripura209314752 Manipur16269700 Puducherry146878518 Himachal Pradesh124392710 Nagaland8453400 Chandigarh5884238 Arunachal Pradesh3871452 Meghalaya316462 Mizoram2331510 Sikkim166870
Business Companies 23 Aug 2019 Floods: Insurers exp ...

Floods: Insurers expect over Rs 1,000 crore claims

DECCAN CHRONICLE. | MADHUSUDAN SAHOO
Published Aug 23, 2019, 12:32 am IST
Updated Aug 23, 2019, 12:32 am IST
The state-owned Oriental Insurance Company (OIC) has received 400 claims from Kerala alone, worth around Rs 40 crore.
The insurance industry has received about 2,500 claims worth over Rs 240 crore from the southern most state, the officials said.
 The insurance industry has received about 2,500 claims worth over Rs 240 crore from the southern most state, the officials said.

New Delhi: With floods playing havoc in many states, insurers are likely to take a hit of over Rs 1,000 crore from unforeseen claims.

The floods have caused widespread damage to properties and lives in the states of Bihar, Assam, Maharashtra, Karnataka, Kerala, Punjab, Uttarakhand and Himachal Pradesh, among others.

 

Two senior officials of a public sector insurance company said the industry expects as many as 10,000 floods-related claims.

The state-owned Oriental Insurance Company (OIC) has received 400 claims from Kerala alone, worth around Rs 40 crore, while the insurance industry has received about 2,500 claims worth over Rs 240 crore from the southern most state, the officials said.

“Besides Kerala, other states have also faced similar widespread damages, which are main concerns for insurers, too. Though some relief works are still under way and several instructions have been given to lessen losses, we are still waiting to assess the final claims from all claim offices across the country.

 

However, we are expecting a total over 10,000 claims, amounting to more than Rs 1,000 crore from across country,” they said.

As heavy rainfall continues to ravage large parts of the country, the southern states of Karnataka and Kerala are now dealing with the post-destruction phase while the northern parts of India is bracing for the worst.

As of August 19, at least 40 people have reportedly died, over 20 missing and properties worth crores have been damaged in northern states, including Himachal Pradesh, Uttarakhand, and Punjab. Besides, flood damage has also been sounded from parts of Delhi, Haryana, Punjab, and Uttar Pradesh.

 

Keeping the flood scenario in many parts of the country, recently the Insurance Regulatory and Development Authority of India (IRDAI) advised insurance companies to expedite claim settlement.

A senior official in a private general insurer said, “In the last five years, losses due to natural calamities have led to insured losses of almost Rs 25,000 crore. Most of the claims came from the Uttarakhand floods, cyclones Hudhud, Fani and Phailin, and the Chennai and Kerala floods.”

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT