New India Assurance settles 4,443 claims after J&K floods

In the case of Cyclone Hudhud, 882 claims have been fully settled with payment of Rs 70 crore

India’s largest non-life insurer New India Assurance received 4,505 claims after the Jammu and Kashmir floods, of which it has already settled 4,443 claims, which amounted to Rs 212.34 crore, a senior official said on Thursday.

“Of the received flood claims, 62 are still pending with us whose value stands at Rs 6.19 crore. Most of these are either under dispute or without proper documentation,” New India Assurance General Manager Rafi Ahmad told PTI.

In the case of Cyclone Hud hud which devastated Visakhapatnam and its surrounding areas in October 2014, 1,264 claims had been reported, with total claim amount valued at Rs 739.21 crore.

Out of these, 882 claims have been fully settled with payment of Rs 70 crore, while 110 claims have been partly settled with payment of Rs 220 crore, he said.

"We are yet to settle 46 claims in the case of Cyclone Hudhud, with a claim amount at Rs 449 crore. A total of 226 'no claims' were reported in Cyclone Hudhud," he said.

"No claims" are those claims which have already been settled and have been reported repeatedly.

While Vizag Steel Plant claimed Rs 400 crore, the claim by Coromandel Cement after Cyclone Hudhud was Rs 140 crore.

"We have partly settled these claims in the cases of both Vizag Steel Plant and Coromandel Cement," he said.