Settle Biparjoy claims fast, regulator tells insurance companies

Mumbai : The insurance regulator has asked companies to settle damage claims from cyclone Biparjoy at the earliest. In response to the aftermath of the cyclone, the Insurance Regulatory and Development Authority of India (IRDAI) has asked all general insurers and standalone health insurance companies to ‘mobilize all available resources to ensure an immediate service response for the affected policyholders’. This includes the immediate appointment of investigators, surveyors, and loss adjustors. According to insurers, there have been instances of damage to vehicles due to trees and electric poles collapsing on them. There have been several instances of damage to roofs and windows of businesses and houses. However, the high-value claims are expected to come to light only after surveyors and loss adjusters complete their job.IRDAI has asked insurers to settle claims or make ‘on account’ payments at the earliest. Policyholders have been encouraged to use electronic communication wherever possible. IRDAI has asked insurers to nominate a senior executive in each affected state or union territory to streamline the claims settlement process even furtherTNN