Uttarakhand floods: Life insurance firms looking at Rs 1,000-cr tab | Latest News India - Hindustan Times
close_game
close_game

Uttarakhand floods: Life insurance firms looking at Rs 1,000-cr tab

Hindustan Times | By, New Delhi
Jun 24, 2013 01:06 AM IST

The rising death toll in Uttarakhand could lead to life insurance claims of about R1,000 crore, though claims are yet to be made, say insurance companies, which are putting in place fast-track mechanisms to speed up claim settlements.

The rising death toll in Uttarakhand could lead to life insurance claims of about R1,000 crore, though claims are yet to be made, say insurance companies, which are putting in place fast-track mechanisms to speed up claim settlements.

HT Image
HT Image

While analysts and companies said that it is difficult to put a figure at this point, they said life insurance claims could be anywhere between R800 crore and R1,000 crore.

Hindustan Times - your fastest source for breaking news! Read now.

Life Insurance Corporation (LIC) and other private life insurers are gearing up to expedite the claims process. A life insurance claim can be made in case of death or even if the government announces a person is presumed dead, though no claims can be made if a person is missing.

“We have held meetings on this (Uttarakhand disaster) and we would fast-track claims as we start receiving them,” a senior executive at LIC, who did not wish to be identified, told HT.

Although the largest chunk of claims could come to the state-owned LIC, the private insurers have also alerted their teams to deal with the situation.

“We have alerted our pan-India teams and our systems are updated to fast-track claims of the victims… we are getting in touch with our customers and the agents and branches across the country have been instructed to extend all possible help,” said Reliance Life Insurance CEO Anup Rau.

According to the government, the number of dead is over 1.000 and more than 20,000 are still stranded in the hill states. “Our branch network in the area and across north India has been put on alert,” Rajesh Relan, managing director and country manager MetLife India Insurance, said.

Besides life insurance, claims from general insurance companies are also likely to be “big”. “We are keeping a close watch on the developments,” a finance ministry official said.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On