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Cyclone Biparjoy made landfall in Gujarat on 15th June, causing extensive damage to the residential properties in the coastal region. Majorly, the insurable losses happened because of flood rather than wind damage. An estimate by CoreLogic, a global property solutions provider, puts total insurable losses from Cyclone Biparjoy at less than $ 100 Mn.
This estimated insurable loss comprises damage to residential, commercial, agricultural, and industrial lines of business and excludes infrastructure damage to utilities, transportation, and communication systems.
IRDAI has advised General insurers and standalone health insurance companies to appoint a nodal officer, 24×7 helplines, and special claims desks to process claims faster and release interim payments for restoration of property or businesses, wherever possible to use digital processes.