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Kerala Floods: Insurers Expect Claims of More than Rs. 10 bn
August 30, 2018
As the flood situation in Kerala shows no signs of respite, general insurance companies expect insurance claims to the tune of Rs. 10 billion. However, the Insurance Regulatory and Development Authority of India (IRDAI) has directed all life and general insurance companies to facilitate claim settlements for Keralites in view of the dire circumstances they are faced with.
SBICAP Securities’ lead analyst Avinash Singh said that the Kerala floods will have an impact on general insurance but not as much as by the Chennai floods (2015).
So far, 360 people in Kerala have died and a whopping 233,000 shifted to over 5,600 relief camps.
Photo credit: indiawaterportal.org on VisualHunt /CC BY-NC-SA
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