The devastating floods in Jammu & Kashmir in 2014 resulted in the loss of several lives and left several others homeless. The aftermath resulted in public sector general insurance companies receiving 13,909 claims, of which 13,612 claims, amounting to
`729.75 crores, have been settled.
A statement from the Finance ministry said that as of June 19 2015, they had paid off most claims from the flood-ravaged state, leaving 297 claims remaining, which were in the process of being settled. This means that 98% of claims received by general insurance companies have been processed and settled.
Private sector general insurance companies also promptly settled claims, with 31,195 claims out of 34,163 being settled to the tune of `1,076.21 crores. There are 2,684 claims that are under process for settlement with these companies, amounting to `225.17 crores.
The settlement of insurance claims has helped the victims of the flood rehabilitate their families. Unfortunate families that lost their breadwinners in the flood have received monetary compensation through their life insurance policies.
The Indian Government also provided unbridled support in the form of rescue and relief operations, during the time of need.
Based on reports by the Life Insurance Corporation (LIC) and private sector life insurers, they received a total of 31 death insurance claims, which were settled promptly.