Page 56 - Insurance Times September 2019

Poll companies must be expedited to consolidate
Glossary Do you think the merger of public sector

business and reduce losses
Yes Results of Poll in our August 2019 Issue

No Do you think the government should have
increased the Life Insurance exemption upto
Can’t say Rs. 2.5 lacs, under section 80C?

Encumbrance You may send your views to :
Poll Contest, The Insurance Times Yes 50
Outstanding mortgages or other debt
related to real estate and any unpaid 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 50
Phone : 2269 6035, 2218 4184, 4007 8428
accrued acquisition or construction Email: insurance.kolkata@gmail.com Can’t say 00
costs.
Insurance companies prepare to settle flood claims

Endorsement Insurance companies are preparing to settle claims as floods ravaging a large part
An amendment or rider to a policy of the country, including Bihar, Assam, Maharashtra, Karnataka and Kerala. How-
adjusting the coverages and taking ever, keeping the widespread damage under consideration, the insurers are also
precedence over the general contract. likely to take a hit. "In Bihar and Assam, some insurance claims are coming in
but for other parts of the country it is still too early. Once the flood water re-
Enrollment cedes, only then we will be able to get some estimates and begin work to pro-
The total number of plans, not the total cess and settle claims," said an executive with a public sector general insurance
number of covered lives, providing company. "Relief work is on and advisories have been shared with customers
coverage to the enrollee and their on how they can reduce losses," said a private sector general insurer.
dependents. IRDAI had recently advised insurance companies to expedite claim settlement
after floods in Karnataka and parts of Maharashtra recede. "The recent floods
Environmental Pollution Liability have caused immense loss to property in Karnataka," it said, adding that special
Liability coverage of an insured to camps should be set up. The IRDAI further stated, "If there are any death claims
persons who have incurred bodily injury and death certificate is difficult to obtain on account of non-recovery of body,
or property damage from acids, fumes, the process followed in the case of Jammu and Kashmir floods, Tamil Nadu and
smoke, toxic chemicals, waste materials Kerala floods should be followed." It also added that all non-life insurers should
or other pollutants. submit information on claim settlement to gauge the magnitude of loss.

56 The Insurance Times, September 2019