Insurers meet most of J&K flood claims

Insurers meet most of J&K flood claims

Insurance companies have paid claims of Rs 1,805.87 crore towards losses incurred due to floods in Jammu and Kashmir in September last year, according to Finance Ministry data.

While public sector general insurance companies settled 13,612 claims out of the 13,909 claims lodged, and paid Rs 729.75 crore, their private counterparts have paid Rs 1,076.12 crore, the Finance Ministry said on Thursday.

“The private sector general insurance companies received 34,163 claims, of which 31,195 claims have been settled for an amount of Rs 1,076.12 crore,” the Finance Ministry said in a statement. The ministry said that public sector general insurance companies have 297 claims remaining, for which final settlement is in the process.

“At least 2,684 claims are under process with private sector general insurance companies for Rs 225.17 crore. They are in the process of settlement,” the ministry added.

Life Insurance Corporation (LIC) got seven death claims while private sector life insurers received 24 death claims. All the death claims have been settled, according to the Finance Ministry.

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