The loss limit has been increased from Rs.20,000 to Rs.50,000 for a period of two months.
Insurance Regulatory Development Authority (IRDA) has raised the limit of losses for survey assessors from Rs. 20,000 to Rs.50,000 for claims arising out of cyclone hit states of Andhra Pradesh and Odhisa. This raised exemption would be valid for a period of two months, states a circular issued by IRDA.
Recently, the insurance regulator had asked all insurance companies to expedite the claim settlement process of ‘HudHud’ cyclone victims. Hudhud hit the costal parts of Andhra Pradesh and Odisha causing widespread devastation.
Also, the insurers have been asked to simplify the claim settlement process for the families/beneficiaries of the death victims where they face difficulty in obtaining death certificate due to non-recovery of the body. The regulator has asked them to follow the procedure adopted during J&K floods. In the J&K tragedy, some insurance companies had accepted the list issued by hospitals/ police/ armed forces in cases where death certificates from the municipal authorities were not available.