Private insurance companies are not willing to settle the Mumbai flood claims without a surveyor's report. This is even as the Insurance Regulatory and Development Authority (Irda) has directed them to settle those claims below Rs 50,000 without such a report. | |
| The companies that have taken such a decision include Iffco Tokio General,and Tata AIG General. state-owned insurance entities are, however, following Irda's directive. |
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| Private insurers insist on surveyor's report in order to protect their balance sheet. "We have to wait for the surveyor's report before settling the claim completely since we need to show it on our balance sheet," said a soruce in Iffco Tokio. The company has, however, made on the spot settlements. |
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| "We have received over 4,000 claims amounting to Rs 240 crore. These will be settled as soon as the surveyors' reports come," the source added. |
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| ICICI Lombard General has also made on-account payments of 10 to 30 per cent of estimated loss prior to the completion of the survey. The company has received about 3,000 claims aggregating Rs 225 crore. |
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| Tata AIG has estimated claims to the extent of Rs 100 crore. "We are not going against the Irda's directive. However, we need to get some data to identify the actual amount of the claim," said a senior official from Tata AIG. |
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| State-owned general insurance companies, nevertheless, are settling claims without waiting for the reports. This is also partly on account of the direction given by the Centre to hasten the process of claim settlement with regards the households and shopkeepers' insurance policies. |
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| Oriental Insurance Company has received around 758 sub-Rs 50,000 claims. The company is also settling these claims prior to receiving the reports, confirmed company sources. |
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| However, motor claims worth below Rs 50,000 are getting delayed. "These cannot be settled until garages are able to take vehicles for repairs," said an official with New India Assurance Company. |
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| According to latest available figures, the four state insurers alone have received 9,300 claims amounting to a total of Rs 1,300 crore. Of this, more than 3,000 claims valued at Rs 190 crore come from traders, shopkeepers and householders. |
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