Insurers are gearing up for claims from flood-hit Jammu and Kashmir which has seen incessant rains for the last five days, triggering landslides and massive destruction of life and property.

G Srinivasan, Chairman and Managing Director of New India Assurance, the country’s largest general insurance company, said he expects claims to come in the next two days as communication links in the region get restored. Most of the claims are expected to come from retail lines of business such as motor and property insurance as industrial exposure in the area is limited, he added.

One of the affected companies in the region, Bharti Infratel, informed the stock exchanges that while some of its operations have been affected by the unprecedented flooding, the company is adequately insured and does not expect any material impact.

A senior official from Agricultural Insurance Company of India, which is the largest crop insurance company in the country, said they are not expecting major claims as much of the cover is for the saffron crop, for which, according to the existing contracts, the risk cover is yet to set in.

A senior official from Life Insurance Corporation said that the insurer is also gearing up for a number of claims in the next few days. According to estimates, the number of deaths in the valley is estimated at over 200 so far.

Private life insurer Max Life Insurance has set up a special claims desk to expedite claims settlement. The company has eased the documentation process for claim settlements, requiring evidence from Government/Designated District officials of the State Government or hospital authorities/municipal record showing death due to floods in Jammu and Kashmir region. The nominee/beneficiary will need to furnish a photo ID card.

Related Topics