All general insurance companies in the public sector have agreed upon a common strategy and simplified procedural guidelines for speedy settlement of insurance claims in connection with the damage suffered by people during the floods in Kerala, United India Insurance Company Ltd. Chairman and Managing Director Vijay Srinivas has said.
At a press meet on Wednesday, Mr. Srinivas said his company had already started claim settlement. All claims were being processed within 24 hours.
So far, all four insurance companies — United India, Oriental, New India Assurance, and National Insurance — have together received around 11,500 claims, for damages estimated at ₹1,200 crore.
“We expect the claims to go up by another 50% by next week. People should try to submit the claims forms as soon as possible. Photographic evidence would be a great help in assessing the damage, especially where surveyors have not been able to reach,” Mr. Srinivas said. For cattle insurance claims, the “no tag-no claim” norm has been waived, along with the 15-day waiting period and post-mortem examination report.
The broad guidelines that insurance companies have agreed upon include simplified claim form and intimation; waiver of meteorological report/FIR; waiver of post-mortem examination and FIR report for personal accident claims; and fast-track settlement of up to ₹3,500 for two-wheelers with minimum damage.
Also, the time limit for insurance claim intimation has been extended up to September 30 for individual clients and fixed as September 15 for others.
