Govt asks insurance companies for quick claim settlements

The state government has asked insurance companies to quickly complete the claim settlement formalities for industrial units that had suffered property damages. "The AP Industrial Infrastructure Corporation (APIIC) yesterday held a meeting with the general insurance companies asking them to fast track the inspection and the settlement process so that the units focus on restoration and restart operations at the earliest," JSV Prasad, principal secretary, Industries Department, told Business Standard on Thursday.

Units located in various industrial estates in Visakhapatnam and neighbouring districts are estimated to have suffered a loss of Rs 700-800 crore, according to Prasad. This was only related to the property and the damage of manufactured products at plant sites and the production loss due to the stoppage of work was yet to be ascertained, he said.The enumeration of unit-wise loss is currently under way.

The MSMEs had suffered the most under the impact of high speed winds to an extent where it was difficult for these units to revive the operations without a helping hand, he said. The government was contemplating some kind of a relief package for them.

Meanwhile, the number of people killed in the Hudhud cyclone has risen to 38, according to the official figures released on Thursday.