New India Assurance, on Thursday, said the company had already made payments in 80 per cent claims from flood-affected Jammu & Kashmir and 50 per cent of claims arising out of Hudhud cyclone affected areas of Andhra Pradesh.
While the company received around 2,800 claims for about Rs.200 crore from Jammu & Kashmir, it got around 800 claims worth Rs.300 crore from the cyclone affected areas of Andhra Pradesh, especially Vizag.
Chairman and Managing Director G. Srinivasan said the reinsurance cost might increase next year due to the recent J&K and Andhra calamities. However, “these losses by global standards are not very high,” he added.
He expected premium rates to harden in the fire and corporate health segment going forward.
The underwriting losses for the first six months stood at Rs.1,060 crore, up from Rs.915 crore in the year-ago period.
