The major parts of the state of Odisha is affected by the cyclone Fani causing wide spread damages to the properties. The insurers are ready with the teams of insurance surveyors to handle the sudden rush of various kinds of claims. The teams of surveyors from other locations are being sent to support the initiative.
The reality is that the uninsured losses in most natural calamities are much higher. And even in case of insured properties, underinsurance continues to be the bigger challenge.
Insurers are gearing up to process claims after cyclone Fani ravaged parts of Odisha. Most claims are expected for damage of property and vehicles and hospitalisation and some for damage to crops. More than 500 building structures and over 300 factories including those of core manufacturing companies are said to have been destroyed by the impact of Cyclone Fani. The Odisha Airport also saw structural damage due to wind speeds of over 200 km per hour.
Insurance companies will now begin work and set up camps to process insurance claims in the State. “It is too early to make a figure but it could be in the range of ₹2,000 crore or so,
The Insurance Regulatory and Development Authority of India is also expected to issue advisories for claims processing in the cyclone-affected areas. “In such situations, camps are set up by the large insurance companies and all insurers are advised to settle claims speedily,”
A single-point helpline will soon be set up by individual insurance companies to ensure that claims are filed on one single platform. Nodal officials will also be deployed to Odisha for this process.