Irdai has asked insurers to quickly settle claims in states affected by Cyclone Biparjoy
Posted Date – Sun, 6/18/23 at 12:15pm
Irdai has asked insurers to quickly settle claims in states affected by Cyclone Biparjoy
New Delhi: Insurance regulator Irdai has asked insurers to quickly settle claims in states affected by Cyclone Biparjoy.
The Insurance Regulatory and Development Authority of India (Irdai) in a circular to all general insurers and independent health insurers needs to ensure that all claims are investigated promptly and claim payments/split payments are paid on time at the earliest and in any event not exceeding the stipulated schedule.
“Insurers should encourage policyholders to communicate using electronic means of communication whenever possible when making a claim and submitting all relevant documentation. Efforts should be made to ensure that, to the extent possible, digital processes are employed for the assessment of claims,” it said.
Cyclone Biparjoy could cause damage to property (homes and businesses) and infrastructure in multiple states.
Regulators have asked insurers to mobilize all resources to ensure an immediate service response, including the services of investigators, surveyors and claims adjusters to quickly resolve claims arising from damage caused by the hurricane.
Insurers have been advised to immediately communicate nominations of senior executives in each affected state/Utah to the appropriate chief secretary/official of that state.
It said insurers will respond/assist claim adjusters through their 24×7 helplines, special claims desks at regional level, and authorized claims teams to process and settle claims quickly.
The notice, dated June 16, said regions reporting high numbers of claims may be overseen by designated regional claims service leaders.
It said insurers have been advised to settle claim payments/installments as early as possible and policyholders are encouraged to communicate using electronic communications wherever possible.
Biparjoy made landfall on the coast of Kutch with winds of 115-125 km/h on Thursday night, causing property and infrastructure damage in cyclone-affected states.
