Insurance companies directed to ensure swift claim settlements in flood-hit Andhra Pradesh, Telangana

Amaravati: The Department of Financial Services of the Union Finance Ministry on Thursday asked insurance companies to ensure swift claim settlements in flood-affected Andhra Pradesh and Telangana.

In view of the heavy rains and floods in the Telugu states, the Department of Financial Services issued directions to the public sector insurance companies to extend and provide full support to the people affected by floods. The insurance companies have been instructed to ensure swift claim settlements by organising special camps and easing claim processes and thereby, providing relief to those affected, reads a post on the Department of Financial Services’ X handle.

The insurance companies have been also instructed to widely advertise the names and contact numbers of nodal officers to whom the policyholders can contact. It added that the Central government and the Ministry of Finance are committed to supporting those affected by this calamity and ensuring they receive the necessary assistance at the earliest.

Heavy rains and floods early this week caused havoc in parts of Andhra Pradesh and Telangana. More than 40 people were killed in both the states and more than five lakh people were affected.

The rains and floods caused extensive damage to public infrastructure and private property, especially in Vijayawada city of Andhra Pradesh and Khammam of Telangana.

The direction by the Department of Financial Services came a day after Andhra Pradesh Chief Minister N. Chandrababu Naidu had urged the insurance companies to settle the claims of flood victims within 10 days. During a meeting with representatives of banks and insurance companies on Wednesday, he noted that thousands of houses were submerged and vehicles and electronic equipment lost due to the Budameru floods in Vijayawada. He discussed with insurance company representatives the issue of damage to the vehicles in the floods. He told them that vehicles were damaged in every house. Two-wheelers and cars were submerged in water and household appliances like fridges, TVs, and ACs were damaged. All the equipment of the cottage industries also got flooded.