Following the incessant rains in Mumbai that brought large scale floods in Mumbai causing colossal loss of life and property have now brought in a deluge of another kind resulting from it.
The insurers have received large number of claims due to this disaster. This figure has been so large that it has left a huge chunk of claims unattended. One might have to wait even for a year to get the claims settled.
The IRDA data suggests around 58 per cent of the claims that were made after the disaster struck need to be settled. This figure is equal to 85 per cent of the claimed amount, which is unpaid.