Insurance Firms Scramble to Resolve Aftermath of Fatal Plane Crash
Insurance providers are struggling to settle claims from the Ahmedabad Air India crash, as many policyholders and nominees died in the tragedy. Regulatory bodies are easing procedural requirements. Insurers are reaching out to families and exploring legal exceptions to facilitate claim settlements for victims’ families.
- Country:
- India
Insurance companies are grappling with the daunting task of settling claims for victims of the recent Air India plane crash in Ahmedabad, where many policyholders and their nominees died. Tragically impacting many families, the June 12 crash resulted in the loss of 241 lives on board and 29 on the ground.
Following the crash, the Insurance Regulatory and Development Authority of India urged insurers to cross-verify deceased individuals' details to ensure that claims are not denied or delayed over procedural hurdles. In response, major insurers set up help desks at Ahmedabad Civil Hospital to expedite claim processing.
Faced with the challenge of cases where both the insured and nominee have died, companies are considering exceptions and legal avenues to settle claims. Insurers are committed to reaching out to families, with some exploring joint declarations from heirs for cases lacking designated nominees.
(With inputs from agencies.)
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