Indian regulator asks insurers to speed up settlement of flood claims

Indian regulator asks insurers to speed up settlement of flood claims | Insurance Business

Indian regulator asks insurers to speed up settlement of flood claims

India’s insurance regulator has asked insurers to hasten claim settlements in states affected by floods from the monsoon rains.

Heavy rains over the last two weeks have caused floods and landslides across six states, killing more than 270 people in Karnataka, Kerala, Maharashtra, and Gujarat and displacing over one million people.

Read more: Public sector insurers hit hard by India flood losses

Expecting a sharp increase in claims, the Insurance Regulatory Development Authority of India (IRDAI) has sent a circular to the chief executives of all of the country’s life insurance companies asking for “immediate action to ensure that all reported claims are registered and eligible claims are settled expeditiously.”

“A suitably simplified process, including relaxations in the usual requirements wherever feasible may be considered to expedite claims settlement,” IRDAI said in the circular.

The regulator also asked insurers to submit weekly state-wide progress reports on the status of claims.