MUMBAI, Oct 30:
All the four State-owned non-life insurers have submitted their second compliance report to the J&K High Court, an official of General Insurance Association (GIPSA) said here today.
“We have received a mail from our official in J&K that the second compliance report was submitted before the High Court on Tuesday,” he said.
Sources said that the four State-owned non-life insurers together have settled 7,492 claims by paying Rs 284 crore at the time of filing of the compliance report.
State-owned non-life insurer, United Indian Insurance claimed it has settled over 80 per cent of claims received by it from the State as of Tuesday, following the killer floods in September.
“We have already settled 2,456 claims out of a total of 2,800 claims received by us as on date, by paying Rs 103 crore in the region thus completing more than 80 per cent of claim settlement process. However, the problem is that clients are not coming forward for the settlement process, particularly in cases of motor insurance. We have deputed 50 surveyors for the same,” United India Insurance Chairman Milind Kharat told.
An official from New India Assurance said that his company has settled around 2,300 claims out of 2,800 claims received at a cost of Rs 65 crore so far.
Private sector non-life insurer, Bajaj Allianz General Insurance has settled 5,300 claims, out of the 6,500 claims received, by paying Rs 250 crore.
“Our company has got 20 per cent business in J&K among all other general insurers and we have taken an all-out measures to settle claims in the region. We have deputed 40 people there to ensure settlement of claims on-the-spot itself. Also, they are working 24×7 to expedite the process of settlement,” Bajaj Allianz General Insurance Managing Director Tapan Singhel said. (PTI)
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