Cyclone Michaung: Irdai Eases Claim Settlement Norms
Dec 18, 2023 20:31
Insurance regulator Irdai has eased claim settlement norms for victims of Cyclone Michaung, increasing the monetary limit for surveyors to expedite claims.
New Delhi, Dec 18 (PTI) Insurance regulator Irdai on Monday eased claim settlement norms for the victims of Cyclone Michaung by increasing the monetary limit for the appointment of surveyors.
The recent cyclone impacted the coastal part of Southern India, including Tamil Nadu and Andhra Pradesh.
The cyclone and subsequent heavy rains and floods caused loss of human lives, property (homes and businesses) and infrastructure in various states.
To expedite the settlement of claims, the Insurance Regulatory and Development Authority of India (Irdai) has granted special dispensation to general insurers by increasing the limit of losses for the appointment of Surveyors and Loss Assessors.
The limit for motor insurance has been increased from the current Rs 50,000 to Rs 1 lakh, Irdai said in a circular. In the case of other general insurance claims, the limit has been hiked to Rs 5 lakh from the current Rs 1 lakh.
Earlier, the regulator had asked all insurance companies to mobilise resources to ensure immediate service response including outsourced functions such as surveyors, loss adjustors, and investigators.
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