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Insurers Start Flood Victims’ Claims Settlement

'The claims made by flood victims is more than that made by the earthquake victims'

  1 min 40 sec to read

October 6: Insurance companies of the country have started settling claims made by the victims of last year’s massive floods during monsoon.

The flood, which destroyed wealth worth millions, had rendered hundreds of people homeless. According to the Insurance Board (IB), a total of 662 flood victims have claimed insurance worth around Rs 2 billion. Of the total claims, insurance companies have distributed insurance payment worth Rs 35.8 million to 23 victims.

According to the IB, insurance companies have started distributing the payment after preliminary investigation on the claims worth around Rs 2.2 billion. According to Raju Raman Poudel, executive director of the IB, the claims made by the flood victims is more than that of the earthquake victims.

“The companies have also distributed the claims faster than earlier. The insurance should be made mandatory so that the victims get relief after being hit by the natural calamities,” he added.

The insurance companies have distributed the payment after investigating the damages by sending its surveyor to the site. A total of 17 insurance companies had sent the data of damages to the IB by the end of September. As per the data, a total of 303 people have claimed insurance worth Rs 1.31 billion with Agni Insurance. Of the claim, Agni Insurance has distributed around Rs 330 million to 18 flood victims. Likewise, Motor Insurance has received a total of 129 claims, of which it has distributed Rs 161,000 to four flood victims.

Of all the insurance companies, Samudrik Insurance has received the lowest number of claims from 374 victims. Of the total claims, Samudrik Insurance has distributed payment of Rs 2 million to only a single victim.

Similarly, insurance companies have received crop and livestock insurance claims from 77 flood victims. Of the total crop and livestock insurance claims, 28 are for crops and 49 are for livestock. The insurance companies are yet to distribute claims it has received for the damage of crop and livestock. 

 

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