Even three years after the ghastly terror strike in Mumbai, the insurance claim pertaining to the losses at the Taj Mahal Palace Hotel is yet to be settled fully from the terrorism risk pool.
This is because of the non-finalisation of the actual loss, according to the Insurance Regulatory and Development Authority.
“The loss at the Taj hotel is yet to be finalised. But substantial on-account payment has already been released,” the regulator said in the annual report for 2010-11, released on Wednesday.
The terrorist attack on November 26, 2008 at many places in Mumbai, including the Taj, a heritage hotel, and the Oberoi and Trident hotels, had resulted in the loss of over 160 lives and huge damage to property.
During 2010-11, the total premium ceded to the pool was Rs 389 crore and the claims paid were Rs 76 crore.
“The paid claims for 2010-11 include partial payment of losses arising out of the Mumbai terrorist attack,” the IRDA said.
The total estimated loss to the ‘terror pool' has also been reduced from Rs 500 crore to Rs 400 crore.
The losses at the two other terror targets, Hotel Oberoi and Trident have now been settled fully.
The insurers can be relieved as bulk of the payment related to claims, amounting to Rs 214 crore, were paid during the 2009-10 itself.
The current year is unlikely to be impacted by the brought-over claims pertaining to the incident, the regulator added.