Insurance companies to expedite flood claims

The torrential rains have left 450,000 homeless while the extent of the damage to loss of property is yet to be calculated as most places are yet unreachable said insurance companies.

Insurance companies are receiving claims daily for damage to property businesses and vehicles due to the torrential rains. A vehicle submerged in water at Ragama explains the extent of the damage. Picture by Sumanachandra Ariyawansa.

All insurance companies have received claims but the number is increasing by the hour. An insurance company settled claims where the staff could reach the locations but all companies assured that they will give priority to settling the flood claims.

All companies have received claims from Colombo, Gampaha, Kalutara, Ambalangoda, Galle and Ratnapura. Joint Deputy Chairman Ceylinco Insurance (General), Ajith Gunawardena said that the company settled over 300 motor and non motor(buildings, stores, houses, livestock, agriculture) claims within 48 hours.

He said the company received over 800 claims in both sectors and of this number the staff is yet to reach 110 locations.

He said that the number of claims is increasing and feels that it will be like a mini tsunami. Gunawardena said that once the estimates are received all the other claims which are pending will be settled within 48 hours. Around 85 staffers are on the field getting the claims and estimates together. The claim value will be over Rs 2 billion and we will pay every claim, assured Gunawardena.

Assistant General Manager (General) Union Assurance, Priyantha Perera said that they have received over 70 claims and it is increasing. In addition to flood claims we have received a large number of lightning claims as well. He said that they are unable to estimate the damage since the staffers cannot reach many locations as the areas are yet inundated. Our staffers are working round the clock to assess the claims as they need to be settled fast and will be given priority. A spokesman from Sri Lanka Insurance Corporation said that they have received over 100 claims as damage to buildings, stores and houses. In Colombo there are many major claims and the highest value for a claim received so far is Rs five million. The spokesman said that until the damage is assessed payments cannot be made. It is too early to quantify the damage but assured that the settlements will be done as soon as possible.

People who have business club insurance policies qualify to claim damages automatically as flood cover is included but if a customer has taken a fire cover they should get an additional cover for cyclone, storm, tempest and flood. SG