Insurance claims likely to be high in flood-hit Gujarat
After Mumbai floods last year, floods in Gujarat and other parts of the country have once again hit general insurance companies, as claims filed with them are likely to cross several thousand crores when a full assessment of damage is done after w...
By PTI |
NEW DELHI: After Mumbai floods last year, floods in Gujarat and other parts of the country have once again hit general insurance companies, as claims filed with them are likely to cross several thousand crores when a full assessment of damage is done after water recedes.
"It's too early to say about the claim size given that many areas like Surat are still under water," said chairman, Oriental Insurance, M Ramadoss.
Surat, an industrial belt of Gujarat, is worst affected in the floods.
NTPC, ONGC and Reliance are yet to state the extent of damage, he said, adding that "when the water resedes totally, the picture will be clear".
Houses, motor cars and shops were damaged extensively in Gujarat, Maharashtra and in some parts of Andhra Pradesh.
Oil and Natural Gas Corporation's Hazira plant is closed and the company is assessing the damage to plant and machinery due to flooding of the entire gas processing complex.
Oriental Insurance is a co-insurer for ONGC's plant along with New India Insurance and other insurers.
Last year, insurance companies had taken a hit due to floods in Mumbai that claimed hundreds of lives and thousands of crores worth property, inlcuding motor cars, shops and houses.
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