Process and settle flood claims in North India quickly: IRDAI to insurance companies

India’s insurance sector regulator has instructed general insurance and standalone health insurance companies to process and settle the claims arising out of floods in north India as fast they can.

According to the Insurance Regulatory and Development Authority of India (IRDAI), the general and health insurance companies have been instructed to mobilise all resources to ensure immediate service response including engaging the services of investigators, surveyors, and loss adjustors for quick settlement of claims arising out of the havoc created by the floods.

Floods in North India (July 2023) have caused widespread loss to property (homes and businesses) and infrastructure in various states, the IRDAI said.

The insurers have been advised to communicate the nomination of a senior executive in each affected state/Union Territory to the Chief Secretary/ Officer concerned of the State immediately.

Districts reporting large numbers of claims to oversee by a designated District Claims Service Head. The insurers have to give wide publicity on the contact details of these officers in their websites and also in the media.

“Insurers are advised to respond/assist the claimants through their 24x7 helplines, special claims desks at district level with delegated claims settlement teams for speedy processing and settlement of claims including on account payments at the earliest and also encourage policyholders to use electronic communication wherever possible for Correspondence,” the IRDAI said.