Uttarakhand floods: Insurers fear more than Rs. 35bn claim

India Infoline News Service | Mumbai |

Most claims could come in the life and motor insurance segment

The Insurance and Regulatory Development Authority (IRDA) has asked life and general insurers to assess the possible claims arising out of the devastation caused by floods in Uttarakhand, according to a media report.


According to insurers, the total claims could exceed Rs. 35 billion. Most claims could come in the life and motor insurance segment followed by property insurance and claims from power generation companies, the report added.


Last week, IRDA has sent a note to insurers regarding claims.


Reinsurer GIC Re has also sent notes to general insurers asking them about their exposure in the covers provided by the latter in the affected areas through reinsurance.


There are 24 life insurers and 27 general insurers in India.

 

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