IRDAI monitoring Chennai flood insurance claims

New Delhi, Dec 10 (IANS) The Insurance Regulatory and Development Authority of India (IRDAI) is collecting data on a daily basis from insurers about claims lodged due to floods in Chennai, its chief said on Thursday.

Speaking to reporters on the margins of a health insurance conference here, IRDAI chairman T.S.Vijayan said the claims data is being collected on a daily basis from the insurers, while the sector regulator is also monitoring the claims settled and has issued guidelines to insurers on handling the claims.

Industry officials estimate the flood loss in Chennai, Kanchipuram, Cuddalore and Thiruvallur will be around Rs.2,500 crore.

Earlier at the conference organised by Federation of Indian Chambers of Commerce and Industry (FICCI), Vijayan stressed on the affordability of health insurance.

He also urged the insurers to increase their health insurance customer base while a balance has to be struck between the policyholder’s expectations and the insurer’s aspirations.

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