July 17th, Chennai The insurance industry watchdog in India has ordered general insurance and standalone health insurance firms to expeditiously handle claims related to the recent flooding in the country’s northern regions.
The Insurance Regulatory and Development Authority of India (IRDAI) has ordered general and health insurance companies to employ investigators, surveyors, and loss adjusters to expeditiously resolve claims stemming from the devastation caused by the floods. Damage to homes, businesses, and infrastructure throughout many states in Northern India due to flooding in July 2023 was extensive, according to the IRDAI.
Insurers have been urged to notify the Chief Secretary or other relevant state officer as soon as possible of the nomination of a senior executive in each affected state or Union Territory. A District Claims Service Head is appointed to handle districts that file many claims. Insurers must publicize these officers’ contact information extensively on their websites and in other media.
“Insurers are advised to respond/assist the claimants through their 24×7 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,” the IRDAI wrote.