 "Chennai deluge: Fire, auto insurance rule claims")
Public sector general insurance companies, including United India Insurance, New India Assurance, Oriental Insurance and National Insurance, have a higher share of overall insurance claims than the private sector, said G Srinivasan, chairman and managing director of New India.
The Life Insurance Corporation of India (LIC) said it has been settling claims expeditiously. As on December 9, a total of 24 claims were reported and all the claims, amounting to Rs 29.39 lakh, were settled on the same day. They have also eased the procedure for settlement of claims.
Corporate all-risk policies, which include production interruption coverage, have also seen an influx of claims since several factories and offices were submerged for more than three days.
In terms of numbers, motor insurance topped the list of claims, as several cars and motorcycles parked on the streets got damaged in the deluge.
Although 250 deaths had been reported, experts said insured losses have been low, as only a few victims had insurance policies.
For instance, at SBI General Insurance, from the first incident up to November 15, 200 claims valued about Rs 47 crore were reported of which SBI General has processed interim payments towards 26 claims. The claims reporting from the second incident till December 6 resulted in about 360 additional claims.
M Ravichandran, president — Insurance, Tata-AIG General Insurance, said his company received 600 claim applications till date and they continue to receive more claims. They have received gross claims of approximately Rs 82 crore.
Other private sector companies have also received claims and are also offering additional assistance for motor claims. Easwara Narayanan, chief operating officer, Future Generali India Insurance, said they had received 772 claims (626 motor claims and 146 non-motor claims) and the estimated liability for them was Rs 15 crore.
"We are offering our customers to have their vehicles towed to the nearest workshops / place of storage at our own cost. We are also providing our services at the door step of the customers," he said.
The insurance regulator has also asked insurers to fast track claims in the region, by appointing nodal offices and also quickening claims payment process. Hence, insurers are settling claims without waiting for formal intimation for bills for simple claims and also speeding up the survey process for large claims.
Life insurers including ICICI Prudential Life, Aviva Life Insurance, PNB Metlife, Max Life Insurance and Life Insurance Corporation of India have simplified their claims processes for the same. ICICI PruLife, for example, will settle claims only bases on three documents, namely written intimation from the claimant, copy of photo identity of claimant and death certificate from municipal authorities. If the death certificate is unavailable, the list of deceased issued by hospitals, armed forces, police or government agency.