IRDAI urges insurers to settle Cylcone Nivar claims expeditiously

Insurance regulator IRDAI has advised general and standalone health insurers to take steps for expeditious settlement of claims pertaining to the Nivar cyclone.

The regulator had issued a set of guidelines to the insurers, including asking them to nominate a senior officer at the company level who would act as a nodal officer for the affected States and coordinate the receipt, processing, and settlement of all eligible claims.

The insurers were told to ensure that all claims were surveyed immediately and claim payments/on account payments disbursed at the earliest and in any case not exceeding the stipulated time-line. They were also asked to engage adequate number of surveyors immediately besides launching extensive awareness campaign highlighting the measures taken by the insurance company.

IRDAI chief general manager (non-life) Yegnapriya Bharath said Cyclone Nivar, last month, had caused loss to property in some parts of the country. There was an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims, she said in a circular.

In view of COVID-19 pandemic, insurers should encourage policyholders to use electronic communication wherever possible for correspondence while intimating the claim and filing all the relevant documents. Efforts should be taken to ensure that digital processes were resorted to the extent possible for assessment of claims, IRDAI said.


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