Common car insurance claim settlement mechanism reaps benefits
By Neelima Shankar
Mar 26, 2012
Print    Email    RSS   

Four public sector insurance companies, National Insurance, New India Assurance, Oriental Insurance and United India Insurance have recently come up with a common mechanism for settling third party claims arising with respect to auto insurance. The joint mechanism has already started showing its beneficial flavors with the companies being able to settle claims for as many as 85 cases in Kolkata so far.

The forum's executive committee has so far judged as many as 132 cases in three sessions held between 10th and 24th March 2012.

"In case of a regular court, the settlement of claims takes about 4-5 years, whereas here it can be as quick as a few months," said Mr S. Sen, regional manager, United India Assurance Company.

"A claim which is settled through regular court leads to about 40 per cent rise in final claim payable by the insurer due to addition of interest cost. This is not likely to happen under this mechanism," Mr Sen said.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

A general guide to Auto Insurance
Kinds of auto insurance coverage
Must have add-ons for luxury car insurance
Guide to get a an auto insurance claim...
Factors affecting car insurance premium

Where is Dissertation Help India whose email is...
Daawat*Call giℛℒ escort In ZiRaKpUr OOOOOOOOOO...
MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...

New endowment plan launched by PNB met life Feb 18, 2015
Yes bank bagged High performance award 2014. Feb 13, 2015
Banks may strike at February end Feb 4, 2015
Reliance industries to enter in to banking in association with the SBI Feb 3, 2015
OBC bank reported a drop down in its net profit Jan 30, 2015
News Archive