New Delhi, March 2, 2020-
The Prime Minister’s Office has called a meeting with the state insurers on quick and hassle-free settlement of the claims coming from the riot-hit areas in northeast Delhi as the situation in the area limps back towards normalcy. Though these are initial days, preliminary estimates show that there could be insurance claims to the tune of Rs 10-15 crore which could go up as surveyors start assessing the situation once full normalcy returns.
The PMO has already taken stock of the situation on anticipated claims and the likely situation, sources said adding state life insurer LIC has settled the killed Delhi Police head constable’s claims in a record time.
A majority of the claims filed so far pertain to motor vehicle damage and business losses. In India, property, business, shops, and houses are not usually insured. With motor insurance being mandatory in India, only vehicle damages has formed the major claims so far, but still the situation is evolving, said an executive from a private insurance firm.
A senior executive of a state insurance PSU said the government has called a meeting on the claims but as of now, they have not received any from the area.
“These are early times, normalcy is just creeping now. They already had one meeting and one more will be taking taking place. The Principal Secretary is looking into it.
“We are finding out how to go about it, they (PMO) will give guidance on how to reach out to the riot victims on their losses. Insurance companies have their rules… if there is a claim, people have to come. That guidance has to come from the Finance Ministry, especially for public sector insurance companies,” the executive said.
Sanjay Datt, chief underwriting and claims at ICICI Lombard, told that they would know how many people are affected once formal claims start coming to them.
“As of now, claims have not come … we just waiting for people to come back home to pick up life and then this process will start as we have seen in other such situations. Now it is very early. Claims over Rs 50,000 for motor insurance and Rs 1 lakh in case of other cases will need surveyors’ estimate of the loss,” he said.
Another official said once the situation stabilises, insurance companies will send surveyors to assess the losses and all genuine cases will be fast-tracked. (Agency)