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Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. IRDAI chairman T S Vijayan said that there will be high losses from the floods, though he added that the insurers have done their best to settle claims quickly.Įven for surveyors and loss assessors, some relaxations were given so that claims are settled faster.īusiness Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world.
Insurance Regulatory and Development Authority of India (IRDAI) also asked insurers to ease the claims processes.
In terms of numbers, motor insurance topped the list of claims, as several cars and motorcycles parked on the streets got damaged in the deluge.Īlthough 250 deaths had been reported, experts said insured losses have been low, as only a few victims had insurance policies. More than 200 lives were lost as per estimated as floods lashed the city for days and people were stranded in submerged buildings without food or water.Ĭorporate all-risk policies, which include production interruption coverage, have also seen an influx of claims since several factories and offices were submerged for more than three days. In November, heavy rains lashed Chennai and several other districts in Tamil Nadu causing heavy damage to life and property. With respect to overall value, property insurance claims account for the highest valued claims. He explained that overall about 50,000 claims have been filed. United India Insurance Company Limited, Chennai (5) The annual premium payable by the Government to the United India Insurance Company, Chennai shall be at the rate of Rs.