General insurance companies are gearing up for claims from the flood-hit States in the North — Uttarakhand, Uttar Pradesh, Haryana, Himachal Pradesh and Punjab — where thousands are stranded after the floods swept away buildings, vehicles, and livestock and affected hydroelectric power stations.

With insurance penetration, particularly on the property front, still low in these States, most general insurers do not expect to see a huge outgo in terms of claims payout.

New India Assurance, the country's largest general insurer, has received a few claims in the industrial risk category from the hydroelectric power stations in the Uttarakhand belt.

Likely areas

The main areas where one can see claims, apart from the industrial category, is from the vehicle and house segments and those who have taken personal accident cover, said G. Srinivasan, Chairman and Managing Director, New India Assurance.

According to Oriental Insurance Chairman and Managing Director, , A. K. Saxena, “We have received some claims on vehicles, but it’s still too early to get a clear picture of the number and the quantum of claims.”

Sanjay Datta , Chief-Underwriting and Claims, ICICI Lombard, said: “We have not received any claims from the corporate sector in these regions. There have been many cases of many vehicles being washed away or being stranded but these claims are yet to come in.”

“The claims from crop damage also may be limited as the kharif season has not yet started,” Datta said.

General insurance companies such as Bajaj Allianz have also started issuing advisories to their customers to take precaution while travelling through waterlogged areas and flood-prone areas.

deepa.nair@thehindu.co.in

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