Insurers Expect as Many as 10,000 Flood-Related Claims

Considering the current flood scenario in most areas in the country, the IRDAI (Insurance Regulatory and Development Authority of India) has recently advised the insurance providers to quicken up the claim settlement process.

The floods in the states of Bihar, Karnataka, Punjab, Kerala, Assam, Maharashtra, Himachal Pradesh and Uttarakhand and many more have not only created havoc in the areas, but costed many lives too. For which, the insurers expect claims of more than Rs 1,000 Crore.

Oriental Insurance Company, which is a state-owned company, has received 400 claim requests from Kerala itself, amounting to around Rs. 40 Crore. And as per the officials, the entire insurance industry has received around 2,500 claim requests from the state.

The officials shared that apart from Kerala, many other states have also faced such widespread damage, owing to increasing concerns among the insurers. Though there are some relief works being carried on and various instructions have been given to mitigating losses, the officials are still looking forward to assessing the final claims from all the offices in India. But, they are expecting a total of 10,000 claims worth more than Rs. 1,000 throughout India.