Insurance companies have taken a hit of Rs 4,800 crore due to claims arising from the recent floods that hit Chennai and other parts of Tamil Nadu. Public sector insurers, including United India Insurance, have taken the largest hit.
Speaking on the sidelines of a Ficci insurance conference, G Srinivasan, chairman and managing director of New India Insurance explained that motor insurance would account for the largest amount of claims and public sector insurers would be worst hit, say industry sources.
He explained that overall about 50,000 claims have been filed. With respect to overall value, property insurance claims account for the highest valued claims.
In November, heavy rains lashed Chennai and several other districts in Tamil Nadu causing heavy damage to life and property. More than 200 lives were lost as per estimated as floods lashed the city for days and people were stranded in submerged buildings without food or water.
