Expedite claims settlement in flood-affected Kar, MH: Irdai to insurers

Insurance regulator Irdai has asked insurers to take immediate steps for speeding up settlement of claims in flood-affected areas of Karnataka and Maharashtra.

Monsoon rains have also caused widespread damaged to life and property in three other states of Madhya Pradesh, Uttrakhand and Kerala.

The Insurance Regulatory and Development Authority of India (Irdai) has issued advisory to general insurance and standalone health insurance companies to expedite settlement of claims in Maharashtra and Karnataka.

The recent floods have caused immense loss to property in the state of Karnataka and Maharashtra, said the regulator while issuing guidelines on insurance claims of victims of recent floods in parts of the two states.

"There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims," Irdai said.

It has asked the insurers to ensure that all claims .