Gujarat Chamber of Commerce and Industry urges companies to speed up insurance claims

Gujarat Chamber of Commerce and Industry (GCCI) wrote to general insurance companies saying that the insurance companies should expedite the claims of losses to businesses caused due to the recent heavy rains. 

The rains had resulted in huge losses in places like Vadodara, Bharuch, Surat as well as in parts of Saurashtra and north Gujarat.

Businesses are already facing a slowdown, they are also complaining of a shortage of liquidity in the market. Under such conditions, rains in July and August had caused damage to goods and properties. 

If insurance claims are expedited, businesses will get the much needed funds, said sources.  Gujarat has received more than 125% of average yearly rainfall. Consequently, industry and trade have been severely affected in majority districts of the state. 

“Earlier, we had requested your organisation to organise claim clinics at taluka and district level for timely and speedy settlement of insurance claims of industry,” said a letter of GCCI to insurance companies. 

“Now, even Insurance Regulatory And Development Authority of India (IRDAI) has issued guidelines to insurance companies with regard to insurance claims of the recent floods in Gujarat,” the letter continued. 

The apex trade and industry body of the state has also asked the companies to furnish details of ‘claim clinics’ alongwith details of offices or special camps set up for the purpose and outreach exercise conducted to enable filing of claims. In addition to this, it also asked for the details of dedicated nodal officers. 

GCCI president Durgesh Buch has also suggested that the claim form is as simple as possible and the investigation is hassle-free and expedited. “Under current circumstances, it is necessary that claims are settled and payments made as fast as possible. Once the inspection gets over, 75% of amount should be released on next day itself. 

Buch told DNA that the issue will be taken up this week as well and each and every company would be individually contacted so that claims are settled at the earliest.