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Rush to recover insurance claims

Special Correspondent

Surveyors sent to Mumbai from other regions

MUMBAI: With torrential rains ravaging the commercial capital again, thousands of individuals, shopkeepers, small industry owners and even corporates are trying to find ways to settle their insurance claims. While corporates have lost substantially in terms of damage to stocks and equipment, the general public owning cars and other vehicles are hoping to recover their losses through insurance. The damages are so heavy and widespread that insurance companies are bringing in their surveyors from other regions.

"We had a meeting of all public sector insurance companies today (Monday), chaired by R. Beri, Chairman-cum-Managing Director of New India Assurance, and every company has been briefed that we should take every possible care to ensure speedy settlement on claims of residential, vehicles and small shop keepers", said J. K. Gupta, General Manager, Technical, New India Assurance, the largest general insurance company. All the four public sector companies together have 80 per cent of market share in Mumbai and other flood-hit districts in Maharashtra. "The loss was so huge and widespread that we are bringing in surveyors from other regions also," said Mr. Gupta, adding, "the total settlement claims could be more than Rs 1,000 crore". This figure includes the claims to be settled by private insurers.

Among corporates, the Patalganga plant of Reliance Industries suffered the maximum losses and this would be the largest claim.

In the case of residential, vehicles and small shopkeepers, Mr. Beri asked the surveyors to relax certain procedural norms for quick settlement of claims. Some residential claims, where the goods have deteriorated and are stinking, "we advised the insured public to take photographs and then destroy the goods as required by the Municipal Corporation," he said. Lower middle-class, middle-class, small shop owners who depend on daily earnings should be able to get back to their business at the earliest, said Mr. Gupta. According to him, as the spread of public sector insurance companies is vast, the insured public could reach any of these offices for intimation of their claims and appointment of a surveyor.

So far, New India Assurance alone has received applications for 3,500 claims of Rs. 500 crore.

The largest private general insurer, ICICI Lombard, and other general insurers like Reliance General Insurance Company too have got into action on a war-footing. "After Tsunami and Gujarat floods people have taken a lot of home insurances,'' said Kartik Jain, Head, Marketing, ICICI Lombard. He said shopkeepers were the other most affected category. Entire shops on the ground floor were submerged in Mumbai's busy Kurla and Santa Cruz areas.

Realising the extent of damage caused by the incessant rains, "we have set up a special task force to help and assist our customers in lodging and assessing claims arising out of the incident", said K. A. Soma- sekharan, President and CEO, Reliance General Insurance Company. He said agents and intermediaries had been directed to reach out to customers and help them in filing their claims.

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