Public sector general insurers settle 98 per cent claims arising from 2014 J&K floods

NEW DELHI: Public sector general insurance companies have settled 13,612 claims for a total amount of Rs 729.75 crore in the aftermath of floods in Jammu & Kashmir in 2014.

"In the aftermath of the floods in Jammu & Kashmir in September 2014, the Public Sector General Insurance Companies received 13,909 claims, out of which 13,612 claims have been settled for a total amount of Rs 729.75 crore," the Finance Ministry said in a statement today.

For most of the 297 claims remaining, on account payment has already been made and final settlement is under process, it said.

Private sector general insurance companies received 34,163 claims, out of which 31,195 claims have been settled for an amount of Rs 1,076.12 crore, it added.

Further, a total number of 2,684 claims are under process with these companies for an amount of Rs 225.17 crore for settlement.

The Life Insurance Corporation of ( LIC) and the private sector life insurance companies received 7 and 24 death claims respectively , and all these were settled, it said.