The insurer has issued a circular saying that policies of those who died due to the earthquake in some parts of India will be treated as "non-early claim" and it will require no investigation.
India's largest life insurer, Life Insurance Company (LIC), has allowed its agents to issue death certificates to the victims of the recent earthquake that shook both Nepal and northern states in India, in order to expedite the claims on a priority basis.
The insurer has issued a circular saying that policies of those who died due to the earthquake in some parts of India will be treated as "non-early claim" and it will require no investigation. Death certificate can be issued by the agent.
"If in case the policy bond is lost, no indemnity bond or surety is required for duplicate policy. The claim will be settled on a priority basis," the circular added. LIC spokesperson said, "We are yet to ascertain the extent of damage in Nepal.
Our Patna office is in touch with the Disaster Management Cell to get a feedback on the claims. We are yet to get the latest information on the number of claims arising out of the earthquake."Meanwhile, LIC's subsidiary LIC Nepal, which is the largest insurance company in the earthquake-hit country is gearing up to settle claims.
LIC has 55% stake in LIC Nepal and the Vishal Group of Nepal holds 25%, the rest is being held by the public. It is one of the largest capitalised insurance companies in Nepal. GIC Re is one of the largest reinsurance partners of the Nepalese insurance industry.
The company recently said in a release that it is committed to accord top priority to all claims arising out of this tragic event. "Our gross exposure in the Nepalese insurance market is around $140 million but it will take some time to arrive at any estimated figure of our losses due to the recent earthquake there.
So far we have not received any cash-calls from any of our cedents (reinsurance clients). Much will depend on the damages suffered by the insured properties. Our past experience with such calamities in this part of the globe indicates insured losses to be a very small part of the economic losses. It will take some time for an actual picture to emerge. However, we expect the claims to remain within $ 50 million in worst case scenario," said the GIC Re statement.
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