Money & Banking

Hasten claim settlements in flood-hit States: IRDAI

Our Bureau. Hyderabad | Updated on October 21, 2020

The insurance regulator has directed all general and standalone health insurers to take immediate action for quick registration and disposal of claims arising out of floods in parts of Telangana, Andhra Pradesh and neighbouring States.

“The recent floods (October 2020) have caused immense loss to property in parts of Telangana, Andhra Pradesh and neighbouring States. There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population,” said Yegnapriya Bharath, Chief General Manager (Non-Life), Insurance Regulatory and Development Authority of India (IRDAI), in a circular.

The insurers have been advised to nominate a nodal officer for the affected States to coordinate the receipt, processing and settlement of all eligible claims.

“If there are any death claims and death certificate is difficult to obtain on account of the non-recovery of body, the process followed in the case of Jammu & Kashmir floods may be considered,” said the regulator.

Published on October 21, 2020

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