Insurance News Details

Process Balasore train accident claims early: IRDAI says to insurers

(07-Jun-23   13:50)

Regulator IRDAI has asked insurers to proactively process claims of relatives of persons deceased or injured in Odisha's Balasore train accident.

In a circular to insurance companies, the Insurance Regulatory and Development Authority of India (IRDAI) said the recent train accident has caused immense loss of human lives and injuries to a thousand of passengers and train crew members.

There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims, it said.

Asking insurers to initiate immediate steps for quick registration and disposal of claims, the circular said: Claims shall be processed proactively, if the insured name is in the list of deceased or injured persons, and was travelling in the trains which met with an accident as identified by the appropriate/Govt authorities.

Life and general insurance companies and stand-alone health insurance companies have also been asked to designate a dedicated helpline under the supervision of a senior officer who would act as a nodal officer for the affected people.

The nodal officer would be coordinating the receipt, processing and settlement of all eligible claims, the regulator said.

IRDAI also asked them to create awareness about the simplified process to file a claim to enable the public to file the claims at the nearest branches or online.

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