The aftermath of Jammu & Kashmir flood has left motor insurance companies worried. For this time, the flood has affected more vehicles compared to last year's Uttarakhand deluge as the number of vehicles in Srinagar city is way more than Uttarakhand.
Vijay Kumar, chief technical officer of motor insurance from Bajaj Allianz General Insurance has predicted that motor loss in Jammu & Kashmir will be much more than Uttarakhand floods. The company incurred a loss of around ₹50 crore during the previous fiscal year following the Uttarakhand floods.
"Going by the reports of damage, there will be an additional loss on the motor front during this quarter," The Times of India quoted G Srinivasan, chairman and managing director of New India Assurance, as saying.
Following the disaster, Bajaj Allianz has introduced a helpline number-18002097072 for flood victims, reported PTI. The company has also issued motor insurance for customers that provided them with instructions on how to avoid more damages to vehicles during the flood. Bajaj Allianz assured to help their customers in claims related to property, health and personal accident via the dedicated helpline number.
"The net loss in Uttarakhand was higher as the region is home to numerous industrial units and power plants," Srinivasan added.
Milind Kharat, chairman and managing director of United India Insurance, however differs in his estimates. He anticipates the loss to be much lesser than that in Uttarakhand. United India Insurance incurred around ₹850 crore losses during the Uttarakhand floods.