Insurance regulator, Irdai, has directed insurers to speed up the claims settlement process in states affected by cyclone Biparjoy. The Insurance Regulatory and Development Authority of India said in a circular to general insurance and health insurance companies that surveying claims and making payments should be conducted immediately and no later than the stipulated time frame. Insurers should encourage policyholders to use electronic communication wherever possible as well as digital processes for claim assessment. Cyclone Biparjoy has likely caused damage to properties, businesses and infrastructure across several states, with insurers urged to mobilise help through investigators, surveyors and loss adjustors to expedite the claims process.
Irdai instructs insurers to expedite claim settlement process due to Biparjoy
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