As torrential rain finally let up in flood-hit Kerala, giving some respite for thousands of marooned families, Life Insurance Corporation (LIC) on Monday said the company expects claims of Rs 400-600 crore due to Kerala floods.
In an interview to CNBC-TV18, VK Sharma, chairman, said, "We have asked all the branches in Kerala to provide voluntary as well as official support for claim settlements. Besides that, we are asking to keep policy alive and not ask for any delayed interest from customers who won’t be able to pay the premiums on time."
Sharma said, "There are guidelines for these kind of situations and they are already following that. If there are any further guidelines by Insurance Regulatory and Development Authority (IRDA), they will incorporate those as well."
However, Sharma does not expect huge losses for general insurance companies.