India: Kerala floods claims amount to 11,000
A top official has confirmed that more than 11,000 claims have been filed in connection with the recent floods in Kerala, amounting to about USD170 million approximately.
United India Insurance Company director and general manager K.B. Vijay Srinivas announced in a press briefing that public secor insurance companies had decided to quicken the process of disbursement of claims for those affected by the floods.
“As of yesterday, New India Assurance Company, General Insurance Corporation, United India Insurance Company and Oriental Insurance Company received more than 11,000 claims with an estimated loss of INR1,200 crore (USD169 million approximately). We are expecting more claims in the coming days,” he told said according to a report in Live Mint, adding the process of settling claims would be done soon.
Companies have started collecting preliminary information on the loss to policyholders through phone calls, e-mails and direct communication, Srinivas said.
The southern state of Kerala saw severe floods beginning in Jule 2018 due to unusually high rainfall.
The Indian insurance regulator recently sent out a circular instructing all life insurance companies to extend grace periods of all renewal payments to 60 days.
“Under the circumstances, all life insurance companies are hereby instructed to facilitate such payment of renewal premiums by way of extending the existing grace period of 15 days or 30 days, as applicable to 60 days for payment of premiums due during the period from 15th July, 2018 to 30th September, 2018 for Kerala and for flood affected districts of the state of Karnataka,” stated the circular from the IRDAI.
