IRDAI has advised Public sector insurers to expedite claim process in Kerala.
Motor insurance is expected to generate largest claims for the companies whereas for crop insurance, the Agriculture Insurance Company (AIC) is expecting claims of about Rs 150-160 million.
Mr. Girija Kumar, Oriental Insurance CMD, said: “We have simplified the claim processes in Kerala. We have established various collection centres and are deploying more people in the state for faster claim settlement. We are expecting a huge claim outgo in motor, household and shopekeepers insurance. At the moment, it would be difficult to assess the extent of damage.”
“The second round of floods has been particularly devastating and we are expecting a large claim. Unlike Chennai floods, in Kerala, all the districts are impacted. The economic loss is going to be huge. We are yet to assess the insured losses. We are trying to settle claims fast. Through advertisements in various media we are asking people to contact us for the same,” said the spokesperson. Insurance claims in Chennai during floods in 2015 were estimated to be close to Rs 45 billion, a majority of which were motor.