General Insurers Start Receiving Claims

After Assam earthquake, general insurers start receiving claims, mostly in property insurance segment

General Insurers Start Receiving Claims the earthquake measuring 6.4 on the Richter scale rock Assam on April 28.

The epicenter of the quake was locate at Dhekiajuli in Saidpur district.

The tremors, which were feel across northeast India, some parts of Bihar and West Bengal, Bhutan & Bangladesh, leave several buildings and roads in Assam damage.

General Insurers Start Receiving Claims

After a powerful earthquake jolt Assam & other parts of the northeast last week.

General insurance companies have started receiving claims, mostly in property insurance segment.

The earthquake measuring 6.4 on the Richter scale rock Assam on April 28.

The epicenter of the quake was located at Dhekiajuli in Sonitpur district.

The tremors, which were felt across northeast India, some parts of Bihar and West Bengal, Bhutan & Bangladesh, left several buildings and roads in Assam damage.

From Assam as well as other northeastern states

We have started receiving claims. Number of claims received so far is 28.

All the claims received are due to damages to dwellings.

Residential buildings and show rooms under fire and allied perils insurance policies.

For public sector insurer National Insurance Company (NIC)

The approximate claim size varies in the range of Rs 6 lakh to Rs 10 lakh as these are mostly residential building losses.

Catastrophic claims are generally handle by the industry on top priority.

It is too early to comment on the approximate claim size for the industry as a whole due to this quake.

We expect the industry claim size numbers to be apparent to us by end of the first week of May.

General Insurers Start Receiving Claims

 

The claim intimations have incept with around 20 claims report to ICICI Lombard in the property insurance segment.

Almost all the claims are from the retail segment with average per claim value of `10 lakh.

We expect more claims to be reported over the next few days.

According to him, for the claims report to the private general insurer.

It has already appointed surveyors to conduct the surveys.

Assist it with their claim settlement recommendations for the losses suffer by the customers.

On whether the ongoing pandemic, in any way, would cause delay in settling claims for the quake.

NIC said there could be issues in places where there is a total lockdown as the movement of surveyors would be restricted.

“We will be closely monitoring the situation and taking steps for quick settlement,” Mukherjee said.

General Insurers Start Receiving Claims

As it will get the inspections of the loss site do mostly through virtual surveys it foresee.

The ongoing pandemic to have any significant effect on its claims servicing.

“The virtual surveys assist us in crunching the timelines required to settle a claim.

Enables us to make the claim settlement offer to the customers in a short span of time.

 

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