The Insurance Regulatory & Development Authority of India (Irdai) on Friday asked the insurance industry to focus on products, technology and customer grievances. However, TS Vijayan, chairman of Irdai, praised the industry for handling of claims after the recent floods in Tamil Nadu.
Speaking at the 17th annual insurance conference, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), Vijayan said, “Despite claims being high, the industry has settled the claims very well. We are still monitoring the situation, and few days ago we had some meeting with stakeholders from Chennai markets on the issues.”
According to senior officials, the insurance industry received 50,000 claims amounting to Rs 4,800 crore for Tamil Nadu floods, with a large number of claims coming from the property, automobiles and small and medium enterprises (SME) sectors. Irdai is also in process to come out with new guidelines on re-insurance and Indian reinsurance companies will get first preference in treaties.
