Terror attacks: LKR500 mn worth of claims so far

The National Insurance Trust Fund (NITF) has conveyed that it expects total claims over damage of property and lives following the Easter Sunday terror attacks to be less than LKR500 million though a final assessment is still pending.

“We have expedited all the claims and assessments. Right now an Independent Loss Adjuster is quantifying the total damage of the two major hotels — The Kingsbury and Cinnamon Grand in Colombo,” NITF chairman Manjula de Silva told the Daily FT.

He pointed out that the two hotels Cinnamon Grand and The Kingsbury had taken a policy with a cap of LKR250 million, where 10 percent was deductible.

Therefore, he said the maximum amount NITF could provide to these two hotels was LKR 450 million, while noting that there could be additional claims, albeit for smaller amounts, particularly for vehicles that may have been damaged in the explosions where they believe those claims will not exceed LKR 50 million.

However, the NITF believes that the total claims will not exceed LKR 500 million.

The other hotel that was bombed was Shangri-La, Colombo, was also paid an advance of USD1 million by Ceylinco General Insurance in collaboration with Chubb Insurance, to commence repairs. Further assessments of the extent of damage will be carried out by a loss adjuster, appointed by the reinsurer in consultation with Ceylinco General Insurance.

In terms of personal insurance, that no claims had been made so far, while requesting claimants to contact NITF in the event of any claims.

He also said that they were expecting some workmen compensation claims. De Silva also said NITF had disbursed a total of LKR3.2 million under the Agrahara Insurance scheme for Government sector employees and their families who lost their lives owing to the Easer Sunday attacks.