Hudhud: insurance firm claims early settlement

general insuranceOf total claims of Rs.3,000 crore received for damage caused during the recent Chennai floods, New India Assurance Company Limited has received claims to the tune of Rs.500 crore, its Chairman-cum-Managing Director G. Srinivasan said on Wednesday.

“As of now we have already disbursed an amount of Rs.6 crore towards 200 claims. Two hundred-odd surveyors based in Chennai and others from Bengaluru are now busy in documentation work,” he told reporters here.

He said of 1265 post-Hudhud damage claims in Visakhapatnam, they had disbursed Rs.450 crore in the first month itself.

Twenty claims involving a claim amount of Rs.60 crore to Rs.70 crore was pending due to certain technicalities.

Stating that bolting of roofing was not done properly in most of the industries leading to heavy damage when winds reaching a speed of over 250 kmph lashed the city and its neighbourhood, he said they had decided to increase insurance awareness among their clients.

Mr. Srinivasan said as per the direction of the government, they had simplified procedures for claims pertaining to various calamities.

After Hudhud, New India, the largest general insurance company in the country, had set up a task force to facilitate early settlement of claims.

Collection target

Giving details on their achievements, he said they had 2300 offices of which 28 were out of the country with a profit of Rs.1431 crore last year and an all-time high profit of Rs.788 crore during the first half of current fiscal.

During last year the company received a premium collection of Rs.16,050 crore.

Mr. Srinivasan said this year their premium collection target was Rs.18,000 crore and they were confident of achieving it as they had already collected Rs.11,800 crore as on November 30.

New guidelines

He said as per the new guidelines framed by Insurance Regulatory Development Authority, foreign re-insurers would open branches in India in next two to three months. London-based Lloyds is set to open its branch shortly.

Curated from Hudhud: insurance firm claims early settlement

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