GIC pays Rs 167 cr to Taj, Oberoi as terror claims

"We have released Rs 167 crore to both hotels Taj and Oberoi till now. The renovation work is on and we are waiting for the final report to settle the final claim," GIC Re's Chairman and Managing Director, Yogesh Lohiya, told reporters.

General Insurance or non life insurance companies had formed a terror insurance pool in 2001 to pay the claims arising out of terrorist activities. Of the Rs 167 crore given to the two hotels, GIC Re had released the first insurance instalment of Rs 25 crore to each of the two hotels in December last year.

The insurer will release the final claim amount to both the hotels only after the renovation works at the Taj and the Oberoi gets over, Lohiya said. "The final claim figure will be arrived at only after the hotels finish their renovation work," Lohiya said.