IRDAI asks insurers to speed up settlement of flood claims

IRDAI has asked all general insurers and standalone health insurance firms to deploy resources and shrink response-time gaps after the worst deluge in decades battered north India, damaging property and claiming multiple lives in the Himalayan foothills and the Gangetic floodplains.

The regulator has asked insurers to use all resources including engaging investigators, surveyors, and loss adjusters to speed up claims settlement. IRDAI has advised insurers to nominate a senior executive in each affected state or union territory (UT) and promptly communicate this appointment to the respective chief secretary or officer to ensure efficient coordination.

Claims service heads have been designated to oversee districts reporting a high number of claims, helping streamline the process and facilitate prompt assistance to affected policyholders.