Kashmir floods: Rs.1,805 crore paid as insurance claims

A total of Rs.1,805.87 crore claims have been paid by the general insurance companies in the country towards losses due to floods in Jammu and Kashmir in September 2014, said the union finance ministry.

In a statement on Thursday, the finance ministry said the public sector general insurance companies settled 13,612 claims out of 13,909 lodged.

The total payout on the settled claims works out to Rs.729.75 crore.

"For most of the 297 claims remaining, on account payment has already been made and final settlement is under process," the statement said.

The private sector general insurance companies received 34,163 claims, of which 31,195 claims have been settled for an amount of Rs.1,076.12 crore.

"Further, a total number of 2,684 claims are under process with these companies for an amount of Rs 225.17 crore for settlement," the statement said.

The Life Insurance Corporation of India and the private sector life insurers received seven and 24 death claims respectively, and all these claims have been settled.