Insurance
Insurers to foot around Rs.1,500 crore loss in Tamil Nadu
The catastrophic loss of property and lives due to the floods in Tamil Nadu could cost insurance companies around Rs.1,500 crore though exact estimates will be known only later.
 
"The loss due to floods is catastrophic. We have informed our reinsurers. We have received around 800 claims and the initial estimate of the loss is around Rs.500 crore," a senior official of United India Insurance Co. Ltd. told IANS.
 
The official said the flood loss for the general insurance industry could be around Rs.1,500 crore - "around three times the value of our claims".
 
But if one takes into account the uninsured moveable and immovable properties, then the amount would be several times more.
 
The heaviest rains in a century battered the districts of Chennai, Kanchipuram, Cuddalore and Thiruvallur over the past month, leaving around 325 people dead and causing widespread destruction.
 
Most claims lodged with United India are from corporates, industries, shopkeepers, warehouse operators and other organised sector.
 
"The loss claims from the industries are for damage to their stock and raw material, work-in-progress or finished goods," the official said.
 
"Claims for motor vehicles and other household articles from individuals will take some time to come in as they have to first stablise their home front," he said.
 
Officials of four government-owned companies met to discuss simplication of claims procedure for motor vehicles.
 
"Most vehicles would need only reconditioning. So based on the kind of damage, the claim payment could be made fast. There need not be any individual vehicle assessment of loss which might delay the settlement," the official said.
 
"On-account payment will also be made liberally before the final assessment of our liability is estimated."
 
Insurers told IANS that a majority of the flood victims have not insured their homes and its contents against fire, floods, burglary and other risks.
 
"Even many of our own employees have not insured their homes," the officer lamented.
 
"Except my car, none of the consumer durables was insured. My total loss due to floods will be around Rs.10 lakh," Priya Batra, a resident of Kotturpuram, a posh locality in Chennai, told IANS.
 
According to United India Insurance official, flood damage to the buildings, doors and windows were also covered under the fire insurance policy normally taken by the housing loan players.
 
Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) on Monday - nearly a month after the onset of rains and floods - asked insurers to complete loss surveys within 72 hours of intimation.
 
The regulator also said that claims payment or on-account settlements were to be made within 15 days.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Oil drops again below $40 as OPEC ramps up production
Oil prices went below the $40-mark for the second time within a month on the previous trading day on Monday, following a decision of the Organisation of Petroleum Exporting Countries (Opec) late last week to keep producing optimally in an already saturated market.
 
As per latest OPEC data, its new reference basket of 12 crude oils closed at $38.08 a barrel on Friday.
 
With the OPEC strategy designed to choke competition from the American shale industry, US light crude dropped $2 on Monday to less than $38 a barrel.
 
The Indian basket, comprising 73 percent sour-grade Dubai and Oman crude, and the balance in sweet-grade Brent, plunged to $38.61 on Monday for a barrel of nearly 160 litres.
 
In November, global price had gone below the $40-mark for the first time in 11 years.
 
Oil prices have been under pressure for several months due to concerns over oversupply, but the slump has deepened in the recent period.
 
Crude-oil production has remained robust despite the large drop in prices in the last year, as US producers continue to cut costs and OPEC members keep producing at full tilt.
 
The November drop below $40, after having been in the $43-47 range earlier, was attributed to uncertainties created by the terror attacks in France last month.
 
Oil prices have fallen by more than 50 percent in a little over a year from levels of well over $100 a barrel, provoked by the slowdown in China and other emerging market economies and the end of sanctions against Iran.
 
Indian oil and gas, energy and power companies stocks fell on Monday after the dip in global crude oil prices.
 
As a result, the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange shed 154 points, or 0.60 percent, during the late-afternoon session.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Delhi announces new odd-even formula
In a change from its earlier plan, the Delhi government announced on Tuesday that private vehicles with odd and even registration numbers will ply on odd and even dates respectively from January 1.
 
"It will be datewise," Transport Minister Gopal Rai told the media, days after the government said odd numbered vehicles would ply on Mondays, Wednesdays and Fridays and those with even numbers on Tuesdays, Thursdays and Saturdays.
 
Rai clarified that odd numbered vehicles would be allowed on the roads on odd dates "like 1, 3, 5 and so on" and even numbered vehicles on even dates "like 2, 4, 6 and so on".
 
The rationing of the vehicles on Delhi's roads, aimed at curbing alarming levels of air pollution, would not apply to Sundays when all vehicles can ply, the minister said.
 
The complete blueprint for the ambitious odd-even formula would be ready by December 25, Rai said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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