Insurers Told to Settle Claims Faster for Flood-hit

The Insurance Regulatory and Development Authority (Irda) has asked insurance companies to survey all claims within 72 hours and settle them within 15 days of those affected in flood in Tamil Nadu, Puducherry and Andhra Pradesh. The recent flood has caused loss to

life and property in Tamil Nadu, Puducherry and neighbouring districts of Andhra Pradesh. the insured loss is expected to be around 1,000 crore.

Irda said there is an urgent need to take immediate steps to mitigate the hardships of the affected insured population of these states by ensuring immediate registration and settlement of eligible claims.

“In case of death claims where death certificate is difficult to obtain on account of non-recovery of body etc, the process followed in case of recent Jammu & Kashmir floods may be considered,“ said Irda in a circular to companies.

The regulator asked companies to publish details of offices and special camps set up for the purpose in press and through the state government to enable filing of claims.

“It needs to be ensured that all claims are surveyed within 72 hours and claim payments are disbursed within 15 days. Adequate number of surveyors may be engaged immediately in the affected districts,“ Irda said.

Source: The Economic Times (Mumbai).

Date: 8th December, 2015.

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