The catastrophic loss of property and lives due to the floods in Tamil Nadu could cost insurance companies around Rs.1,500 crore though exact estimates will be known only later.
"The loss due to floods is catastrophic. We have informed our reinsurers. We have received around 800 claims and the initial estimate of the loss is around Rs.500 crore," a senior official of United India Insurance Co. Ltd. told IANS.
The official said the flood loss for the general insurance industry could be around Rs.1,500 crore - "around three times the value of our claims".
But if one takes into account the uninsured moveable and immovable properties, then the amount would be several times more.
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