The Hindu Business Line : Tsunami claims at Rs 50 cr so far

IF insurance claims were an index of the intensity of a catastrophe, the damage caused by the tsunami that struck the Indian coast recently would not figure anywhere in the top.

Ten days after the mishap, the claims totted up by insurance companies across the country are estimated to be less than Rs 50 crore.

Most of the claims that have come in so far have been under the motor insurance category for vehicles that had been washed away or got battered by seawater.

Insurance industry officials said that there were few life claims. There were a handful of claims under property insurance, from a couple of hotels and resorts located on the coast. Insurance officials, however, add that some of these claims may be a trifle overstated.

The Chennai-headquartered United India Insurance Company has received in all 670 claims amounting to Rs 12.5 crore till now.

Of this, there were 300 claims under fire/flood policies amounting to Rs 6.5 crore, about 120 claims for motorcar damage (mainly from Port Blair), amounting to Rs one crore and about 200 claims on personal accident policies amounting to Rs two crore.

Company officials said that a three-member team had been sent to the Andaman and Nicobar Islands to study the situation there.

Based on their report, the company may send surveyors to the islands to make an assessment and then settle claims.

Oriental Insurance Company officials said that they had received 70 claims in all (across Tamil Nadu, Kerala, Andhra Pradesh and Andamans) that would amount to about Rs 12 crore.

Company officials said that they were awaiting claims from the fishermen co-operative federation under which 3 lakh fishermen were covered for personal accident.

There is no estimate available as to what the number of claims could be, under this head.

National Insurance Company officials said that they had received around 50 claims for less than Rs 3 crore.

Mr Arun Agarwal, Managing Director, Cholamandalam MS General Insurance Company, said that his company had received 11 claims for about Rs 2.5 crore.

Other insurance companies had not yet received any major claims and were still awaiting information.

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