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16
December 2016
General insurers have received claims
worth around Rs 200 crore following cyclone Vardah that crossed the Chennai
coast on December 12, officials said.
The cyclone damaged factories, godowns,
ships and vehicles, neon sign boards, mobile towers and power infrastructure. The Total Investment & Insurance
Solutions
A public sector insurance official said
the minimum hit for the company's bottomline would be Rs 50 crore. The Total Investment & Insurance
Solutions
Officials in government and private
insurance companies here told IANS that they have started getting loss
intimation from their policy holders.
The Total Investment & Insurance Solutions
Claim intimation worth around Rs 200
crore is estimated to have been received by the general insurers.
An official of United India Insurance Co
told IANS that it had got claims intimation of around Rs 150 crore. The Total Investment & Insurance
Solutions
"It is a rough estimate. The actual
loss may be less after survey," he said.
Similarly, private sector Royal Sundaram
General Insurance Co has received around 120 claims.
"But the quantum of damage is not
yet known," Nikhil Apte, Chief Product Officer at Royal Sundaram, told
IANS. The Total Investment &
Insurance Solutions
According to Apte, the number of claims
from holders of home insurance was very small.
Apte urged policy holders to inform the
insurer first and wait for loss assessor's arrival before carrying out any
repair work. The Total Investment &
Insurance Solutions
According to an industry official, after
last year's floods in Chennai that resulted in a loss of around Rs 4,800 crore,
reinsurers not only increased the premium for the catastrophic loss insurance
but also doubled the deductible to Rs 50 crore. The Total Investment & Insurance Solutions
Deductible is the sum reinsurers would
not pay and the primary insurers have to bear themselves.
"So claims up to Rs 50 crore have
to be borne by us," he said.
According to him, any loss caused by a
major natural disaster was classified as catastrophic loss.The Total Investment & Insurance
Solutions
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