State-owned general insurance companies have said that they will speed up the settlement process for insurance claims made in the state of Kerala due to the devastating floods this year. National Insurance, New India Assurance, Oriental Insurance and United India Insurance had made a joint statement earlier stating that they are prepared to receive to claim intimations and ensure a smooth and fast settlement process. Aforementioned companies also provide car insurance schemes.
The statements were made with regard to an Insurance Regulatory and Development Authority of India (IRDAI) directive issued earlier. It asks insurers to expedite the settlement of all registered and eligible life-insurance claims related to the Kerala floods.
Technical Department Heads and General Managers of the PSUs had met earlier to discuss the processes, current guidelines and any adjustments to be made with regard to the Kerala floods. Most of the insurance claims from Kerala, so far, have been related to property, cattle, and vehicles.