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| Sunday, 13 February 2005 |
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Janashakthi launches Natural Disaster protection cover The recent tsunami disaster demonstrated that most insured had serious shortcomings in the scope of their protection. It also sounded a loud "wake up call" to the entire nation, in regard to its inadequacy in the protection of lives and property. The "Janashakthi Natural Disaster Protection Cover" was launched on January 26 to commemorate the date when the devastating ocean waves hit the island last year. After careful deliberation of impending threats by natural disasters, the Company has developed its natural disaster cover covering an array of natural disasters to cover motor and other classes of insurance. The natural disasters include cyclone, storm, tempest, earthquake tsunami, typhoon, hail, hurricane, tornado, tidal wave, volcanic eruptions, and seaquakes. In addition, the company's premier motor insurance policy, "Janaratha Full Option" has been extended to include earthslips and landslides, demonstrating the fullness of the brand. This benefit will be extended free to all Janaratha Full Option comprehensive policyholders who already have purchased the flood cover, to do so in the future. In keeping with the promise made at a recent press conference, to date, Janashakthi has paid over 80% of the intimated claims numbering 400, both in life and property. "We are the only insurance company to spell out our basis of claim settlement towards our policyholders in a timely and precise manner. We are also working towards finalising the settlements of all the claims initiated, in full or on an ex-gratia basis, before February 10. Our total liability in the event of the recent tsunami is around Rs. 5,000 million and we are confident of fulfilling all promises made to policyholders as we are backed by solid re-insurers," said Managing Director, Janashakthi Insurance Co. Ltd. Chandra Schaffter. Not only that, but we are also making over 400 ex-gratia payments entirely off our own bat." "The Natural Disaster Cover of the Company has been strengthened by some of the world's largest and renowned re-insurers such as Toa Re, Odussey Re, CCR Paris, Korean Re, thereby ensuring policyholders hassle free, timely and fair claim payments." Explaining the basis of tsunami claim payments, a spokesman for the company said that "Payment will be made in full for all life claims, property damage claims with earthquake cover, payment in full for comprehensive motor policyholders with flood cover, payment in full for vehicles insured continuously for more than five years with the Company, and 50% settlement for vehicles which have been insured with the Company continuously for three years. Ex-gratia payments of Rs. 50,000 each will be made for all other vehicles or their assessed claim whichever is lower, as well as for property damage claims without either flood or earthquake cover." |
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