Chennai floods sustain losses worth INR200 crore

General insurers are gearing up to settle claims, which are pegged at over INR200 crore so far, from devastating floods in Chennai.

State-owned general insurers such as New India Assurance, National Insurance, United India, and Oriental Insurance as well as private sector players like Bajaj Allianz and ICICI Lombard have already received many claims and expect more of them in coming days.

The floods, which occurred due to heavy rains in Tamil Nadu, have claimed nearly 90 lives so far, most of them reported from Chennai and nearby areas. ”So far, we’ve received about 100 claims worth INR30 crore. We’d be receiving more claims in the next days. But the incident would not be as severe as the Kashmir floods or the Hudhud cyclone losses,” said G Srinivasan, New India Assurance chairman and managing director. ”No precise information could be given at this stage as claims are still being reported. Losses are likely to be small except in case of high-end cars where repair charges could be higher,” he added.