General insurers bracing for flood claim notices

Non-life insurance companies are bracing to receive heavy flood claim intimations from their customers in Tamil Nadu, senior industry officials said on Tuesday.

"It is too early to give an estimate of the claims received. The rain seems to have just stopped. Only now we will be getting the claim intimations," a senior official of United India Insurance Company told IANS, preferring anonymity.

According to him, United India has started getting claim intimations.

"We have got around 17 claim intimations. Five of them for a value of around Rs.10 crore. The number claims for the industry would go up as industrial estates like the one in Ambattur in Chennai suffer from water logging," he said.

Industry officials told IANS that most of the claims will be under the fire insurance policy that covers flood and inundation damage apart from fire.

Industry officials said comprehensive motor insurance policies cover the risk of flood and inundation and hence those vehicle owners whose vehicles suffer damage due to flooding/inundation can also prefer a claim.

For the past ten days, Tamil Nadu has been experiencing heavy rains resulting in water logging in several districts.