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Hiked Limit for External Surveyors Likely to Quicken Claim Process

April 16 2015

As per Insurance Regulatory and Development Authority of India's (IRDAI) amendments to the Insurance Surveyors and Loss Assessors regulations last week, the claim limit for mandatory availing Surveyor and Loss Assessor service has been hiked. The earlier limit was ` 20,000 that has now been increased to ` 50,000 for motor insurance and Rs. 1 lakh for other general insurance policies.

This hike is predicted to speed-up the claim process as general insurance companies can now utilize the services of in-house surveyors frequently. Average motor insurance claim for private vehicles amounts to ` 25,000, which can now be managed by internal surveyors. External surveyors, burdened by their workload, often take time to assess the losses. This move will surely increase the turnaround time as far as insurance claims process is concerned. However, the insurance companies will have to ensure that their internal staff is qualified and quality-conscious.

As per sources, the said insurance cover was about to expire on May 11 and has been renewed in the London markets. United India Assurance has provided the cover and it has been reinsured by global reinsurers Endurance and Aspirin as ONGC had floated a tender to underwriters in order to protect its offshore assets.

 

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