PSU general insurers to fast-track Kerala flood claims settlement

State-owned general insurance companies said today that they are fully geared up to settle claims in flood-ravaged Kerala.

National Insurance, New India Assurance, Oriental Insurance and United India Insurance have systems in place and are fully geared to receive claim intimations and ensure smooth and expeditious settlements, the four state-owned firms said a joint statement.

With wide repository of underwriting and claims management resources, they have simplified claim procedures for large scale losses during natural catastrophes, the statement said.

"In line with the same, under the aegis of General Insurers Public Sector Association of India (GIPSA), Ministry and IRDAI directives, a meeting of all the Chief Executives or incharges, over video conferencing was held today presided over by GIPSA Chairman A V Girijakumar where the preparedness including guidelines and monitoring system was reviewed," it said.

It was observed that claims predominantly relating to motor, property and cattle are being reported, it said.

It was decided that on August 22, Technical Department Heads and General Managers will be meeting to align the existing guidelines and make suitable adjustments to fit into the requirements and context of Kerala floods, it said.

Monitoring will be done on continuous basis at the Regional level, Corporate Office level, GIPSA and Department of Financial Services.

PSU general insurers over the years have done pioneering work in insurance awareness and insurance penetration across the market across all states of the Union of India, it said.