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| Insurance companies to face severe loss owing to increase in claims from flood victims | | | Early Times Report
Jammu, Sept 11: A number of General Insurance Companies are apprehending that there is likelihood of facing severe losses owing to claims from flood victims who have stated pouring to claim compensations for the losses in recent calamity.
Senior functionaries of these various Insurance companies including General Insurance Company have briefly stated we may have to pay compensation not only for the household goods which stand damaged but also for massive damage to houses.
They said, "Though a large number of people in the remote areas of the state had not insured their houses and household goods and hence they were entitled to get compensation from the Government yet the people from urban localities had got their unmovable properties insured. One senior officer said that the Government should make it clear whether the companies will pay compensation to those who had their houses and household goods in case they received full compensation from the state and the centre. He said that the Government of India needs to clarify it because "insurance companies may become bankrupt because in the capital city of Srinagar and several towns large number of people had insured their houses and household goods and compensating all these people would prove disastrous for us."
As per unofficial estimates there were several thousand traders in the Kashmir valley and in Doda, Kishtwar and Rajouri who have suffered damage including their business establishments and goods and most of them have insured their shops and goods.
"Once they claim compensation insurance companies may be faced with added dilemma, it apprehended.
As per rough estimate the general insurance companies may have to by way of compensation, over Rs5,000 to Rs10,000 Crores to those who had insured their houses and household goods.
Compared to the problem apprehended by the general insurance companies the life insurance companies may not have to face such a big financial problem.
The reason being that in the floods not more than 300 have been killed and among them not even 50 per cent were insured. |
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