IRDAI asks insurers to speed Up settlement of flood claims

economictimes.indiatimes.com:

IRDAI) has asked all general insurers and standalone health insurance firms to deploy resources and shrink response-time gaps after the worst deluge in decades battered north India, damaging property and claiming multiple lives in the Himalayan foothills and the Gangetic floodplains. The regulator has asked insurers to use all resources including engaging investigators, surveyors, and loss adjusters to speed up claims settlement.

Irdai has advised insurers to nominate a senior executive in each affected state or union territory (UT) and promptly communicate this appointment to the respective chief secretary or officer to ensure efficient coordination. Claims service heads have been designated to oversee districts reporting a high number of claims, helping streamline the process and facilitate prompt assistance to affected policyholders.Himachal Pradesh is the worst affected by cloudbursts and floods over the past few days.

The Indian Meteorological Department (IMD) has issued fresh warnings of heavy rainfall expected until July 18, further exacerbating the situation. According to data released by the Department of Revenue in the Himachal Pradesh government, the estimated cost of the damage has soared to over Rs 3,738.28 crore.

Irdai has also asked insurers to widely publicise the contact details of these officers on their websites and through various media channels. This measure aims to enable policyholders to easily reach out for support and guidance during the claims settlement process.

They have been asked to establish 24x7 helplines and set up special claims desks at the district level. These dedicated teams will have delegated authority for efficient claims processing and settlement, including provision for