United India Insurance gets Rs 350-crore claims from Kerala

By: | Updated: August 29, 2018 2:10 AM

State-owned United India Insurance Company has so far received around 5,000 claims worth over Rs 350 crore from the customers of flood-ravaged Kerala, said KB Vijay Srinivas, chairman-cum-managing director (joint charge).

For United India Insurance, most of the claims have been from the property insurance.

State-owned United India Insurance Company has so far received around 5,000 claims worth over Rs 350 crore from the customers of flood-ravaged Kerala, said KB Vijay Srinivas, chairman-cum-managing director (joint charge).

Speaking on the sidelines of a mega insurance advisors’ meet here, he said: “We are still waiting as claims are still coming in and we don’t know how much will be the final count. We are the biggest player there among all the insurance companies.”

In the wake of the flood situation in Kerala, a meeting of the public sector insurance companies was held in Chennai, in which it was decided to simplify the procedures for the Kerala clients.

For United India Insurance, most of the claims have been from the property insurance. Besides, claims from factories, business and other segments like motor vehicles and cattle have been received, while the crop and the plantation insurance were with other players. “The claims will, to an extend, have an impact on the company’s financial performance. How much could be moved to reinsurance arrangements has to be looked into. We are trying to do things fast, but there may not be any particular deadline,” he said.

Some of its major accounts in Kerala include Cochin Shipyard and public sector fertiliser maker FACT, among others. While Kochi international airport is not its account, there is a small claim on the solar panels in the airport, according to him.

He said the company, this year, will be taking a relook at its portfolio. It will try to right-price the products, as many of its products have low premiums. The rates were fixed several years ago. There were also some loss-making accounts, which need to be looked into, he added.

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