AP asks insurers to speed up claim settlement process for industrial units

Andhra Pradesh government has asked the insurance companies to quickly complete the claim settlement formalities for the industrial units that had suffered property damages in the Hudhud Cyclone.

"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 the operations at the earliest" J S V Prasad, principal secretary, Industries Department told Business Standard on Thursday.

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

The micro and small industries had suffered the most under the impact of high speed winds that battered the port city to an extent where it was difficult for these units to revive the operations without a helping hand, he said. According to him, the government was contemplating some kind of a relief package for all such units.