Increase in auto insurance claims due to rain
Insurance companies have so far received most of the claims from the motor vehicle segment due to damage from recent heavy rains in Chennai.
Sanjay Datta, head of underwriting, claims and reinsurance at ICICI Lombard General Insurance, said that to date, the company has received 296 claims after the recent flooding in Chennai.
“We saw a maximum number of complaints reported in the passenger car category (260 complaints), followed by 33 complaints in the two-wheeler categories and three complaints in the commercial vehicle categories,” he said. .
“Considering the extent of the heavy rains that hit large parts of the city, we have received several claims in various segments, such as motor vehicles and property,” said Atul Deshpande, claims manager, SBI General. Insurance.
He said 40 claims have been received in the motor vehicle segment and around 39 real estate claims have been received so far, and the company is in the process of evaluating and resolving the respective claims.
The higher category of claims were received from the standard fire / business package or long term home insurance products, affecting small and medium units and homes. The majority of the complaints have been settled, he added.
Industry executives said the number of claims received this time was lower than that received during the Chennai floods of 2015. During this period, SBI General Insurance settled around 1,000 claims with paid liability of about 80 crore under property insurance and 530 claims amounting to 7.40 crore under automobile category.
A senior official from United India Insurance Company Ltd. said that so far, complaints have been resolved through regional offices and not forwarded to head office.
“During the floods in Chennai in 2015, several complaints were forwarded to the head office because the amount exceeded the threshold set for the regional office. This time, so far, we haven’t seen any escalation, indicating that the impact may be weaker, ”he added.