Latest News | Irdai Eases Claim Settlement Norms for Victims of Cyclone Michaung

New Delhi, Dec 18 (PTI) Insurance regulator Irdai on Monday eased claim settlement norms for the victims of Cyclone Michaung by increasing the monetary limit for the appointment of surveyors.

The recent cyclone impacted the coastal part of Southern India, including Tamil Nadu and Andhra Pradesh.

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The cyclone and subsequent heavy rains and floods caused loss of human lives, property (homes and businesses) and infrastructure in various states.

To expedite the settlement of claims, the Insurance Regulatory and Development Authority of India (Irdai) has granted special dispensation to general insurers by increasing the limit of losses for the appointment of Surveyors and Loss Assessors.

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The limit for motor insurance has been increased from the current Rs 50,000 to Rs 1 lakh, Irdai said in a circular. In the case of other general insurance claims, the limit has been hiked to Rs 5 lakh from the current Rs 1 lakh.

Earlier, the regulator had asked all insurance companies to mobilise resources to ensure immediate service response including outsourced functions such as surveyors, loss adjustors, and investigators.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)