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Huge insurance claims expected due to Nepal earthquake

The Nepal earthquake tragedy is expected to result in huge insurance claims for property damage. As per current figures, the property damage is estimated to be around Rs.80 crore.

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Last Updated - May 16, 2023
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The Nepal earthquake tragedy is expected to result in huge insurance claims for property damage. As per current figures, the property damage is estimated to be around Rs.80 crore. How much of the total damage is on the books of Indian insurance companies is still unclear. But some life insurance claims from the Indian states of Bihar and Uttar Pradesh are expected.

Life insurance and General insurance companies with some exposure to claims in Nepal and some parts of India are looking for ways to make the payment process simpler. Insurers have put examiners on the job of assessing claims and ensuring these are settled quickly, with minimum documentation for death claims, considering the sensitivity of the issue.

Bajaj Allianz General Insurance has announced a dedicated helpline number for the victims and a special team has been formed to handle these cases. Public sector insurers such National Insurance and Oriental Insurance, have also put their officers on the job, in order to settle the claim quickly.

Insurers will also adhere to any claims’ relaxation norms prescribed by the Beema Samiti (Insurance Board) of Nepal, the sector regulator.

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