Insurance Companies Directed To Expedite Claim Settlements Of Those Affected By Biparjoy – News18
IRDAI instructed insurers to place a senior executive in affected states and UTs.
IRDAI has directed that all claims should be surveyed immediately and claim settlements should be made at the earliest.
Cyclonic storm Biparjoy caused extensive damage in the Gujarati regions of Kutch and Saurashtra before heading inland towards Rajasthan. Despite no reports of fatalities, individuals have suffered heavy financial losses with a lot of property getting destroyed. However, there is a breath of relief for people who have had their property insured. Insurance companies have been directed by the Insurance Regulatory and Development Authority of India (IRDAI) to settle claims as soon as possible in the states affected by Biparjoy.
In a letter addressed to CEOs of general insurance companies and health insurance companies, IRDAI has directed that all claims should be surveyed immediately and claim settlements should be made at the earliest.
IRDA said, “Insurance companies will encourage policyholders to make maximum use of electronic communication for correspondence while making claims and filing all relevant documents. Efforts will be made to ensure that as far as possible digital processes are used for assessment of claims.”
The insurance industry’s regulator has requested that all available resources be mobilised to guarantee quick service. It also includes the services of loss adjusters, surveyors and investigators to expedite the payment of the impacted parties’ claims following the cyclonic storm.
According to the notification, insurance companies would support people seeking claims through a 24-hour helpline, district-level claim counters designed for quick processing and claim settlement teams. Additionally, insurers have been urged to get in touch with policyholders by email and mobile to settle claim payments and on-account payments as soon as possible.
To help streamline the claims settlement procedure, IRDAI has instructed insurers to place a senior executive in each affected state or union territory. To promote efficient coordination and communication, these chosen people will serve as points of contact and communication with the chief secretaries or other officials of the respective states.
Last week, the Biparjoy cyclone hit the coast of Kutch on Thursday night with a wind speed of 115-125 km/h. This cyclonic storm caused damage to property and infrastructure in other affected states including Gujarat and Rajasthan.
For all the latest business News Click Here
