Page 5 - Insurance Times February 2016
P. 5
General Insurance
News
National Insurance Com- 'Caveat emptor', home insurance policy contains
pany Ltd. pays highest much more
dividend to GOI New India Assurance has recently It does not protect individual flats or
launched a home insurance product the contents inside.
National Insurance Company Limited Griha Suvidha where claims up to a
has announced certain amount can be claimed with- Customers must know that home insur-
the payment of out bills which make it easier for cus- ance not only protects the house from
highest ever Divi- tomers, Md. Zafir Alam, General Man- structural damage, floods, fire or theft.
dend of Rs.193.53 ager, New India Assurance points out. It also covers electronic gadgets from
crore to the Gov- damage or theft ever outside of the
ernment of India Despite initiatives like this,
demand for home insurance house, gold jewellery even
for the Financial Year 2014-15. is low in India, primarily due if it is stolen while travelling
to lack of awareness. For in- and accidental death or
The cheque was handed over to Fi- stance, a resident of a high- theft of pedigree pets.
nance Minister Arun Jaitley by Rajesh rise building may not feel
Aggarwal, Chairman cum Managing the need for insurance because the "We have seen higher de-
Director and Shri M. Vasantha housing society is protected against mand for home insurance in case of a
Krishna, Director and General Man- fire and theft. But one got to remem- catastrophe like earthquake or cyclone
ager at New Delhi. This is the third ber that the society's insurance only or a rise in incidents of theft in a par-
consecutive year that NIC has con- covers common areas in the building. ticular area or building," says Suresh
tributed a handsome dividend to the Nair, head product development, Bajaj
National Exchequer. Allianz General Insurance.
Insurers speed up to 12,000 flood-affected cars to get repaired in Chennai
settle Chennai flood vic- Car makers are gearing up to repair and service about
12,000 cars impacted by the Chennai floods. Companies are
tims' claims: GIC mobilising additional service workforce and offering part-
waivers. The insurance claim process is also being simpli-
The General Insurance Council has fied with the insurance companies.
said that general insurers are taking
all steps possible to expedite claim Claims to cross Rs 2,000 crore in Chennai and other
settlement to the rain and floods vic-
tims in Chennai, with minimum and affected parts
relevant documents. Toll-free num-
bers, help lines and call centres have Insurance companies are likely to take a hit of more than Rs.2000 crore follow-
been set up to assist policyholders ing torrential rain in Chennai, Puducherry and other parts of Tamil Nadu and
settle claims. Property owners, Andhra Pradesh. Due to inundation the insurers expect a large number of claims
SMEs and commercial establish- for automobile, property and from small and medium enterprises.
ments whose properties have been
affected, are advised to contact A senior official of a private insurance company said overall claims submitted to
their insurers to assess the damages. the industry are likely to exceed Rs.2,000 crore as the disaster has resulted in
massive destruction to life and property.
The Insurance Times, February 2016 5
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