Claims Flood in as 1,700 Knock on New India Assurance's Door for Relief

Published: 12th December 2015 05:46 AM  |   Last Updated: 12th December 2015 05:46 AM   |  A+A-

CHENNAI: New India Assurance has received 1,700 claims worth 425 crore from policy holders across TN after the floods, said G Srinivasan, Chairman-cum-Managing Director, New India Assurance, here on Friday.

Briefing mediapersons on the steps taken by the company for speedy settlement of claims, he said, “These 1,700 claims include 800 Motor Vehicle insurance claims and 900 non-motor claims in the areas of household insurance, fire insurance, shopkeepers insurance and other insurance policy mechanisms due to rains from across Tamil nadu since November 15,” he said.

“Thanks to previous experiences during natural calamities and the claims that followed, we were able to implement a simplified standard operating procedure, where we have asked surveyors to visit the premises within 24 hours of the claim being initiated by the policy holders. They are supposed to take photographs and get a rough estimate of the losses, rather than all the documents which might have been destroyed in the floods. They then have to then submit a report to the company within 2-3 days after which the company has to make an interim payment in a day or two soon after, and the full settlement within 30 days for non motor claims,” Srinivasan said.

For motor vehicle claims the policy holder is offered cash payment up front based on a few criteria like the extent of submergence, damage, etc., he indicated.

The loss faced by the insurance sector as a whole from these flood is likely to be around 2,500 crore with 10,000 plus claims. The loss estimated for New India Assurance through the floods is about 50 crore as most of the estimated losses have been covered by re-insurance, he pointed out.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp