The Insurance Regulatory and Development Authority of India (IRDAI) on December 18, 2023, increased the loss limit for appointment of surveyors and loss assessors. The car insurance limits have been increased from the existing Rs 50,000 to Rs 1 lakh. For non-car insurance, it has been increased from the current Rs 1 lakh to Rs 5 lakh.
A Surveyor and Claims Assessor is an insurance intermediary licensed by IRDAI to investigate, manage, quantify, validate and settle losses (whether insured or not) arising from unforeseen events on behalf of the company or policyholder.
The regulator's circular added that the special dispensation granted applies to the claims arising out of Cyclone Michaung and the resulting heavy rains/floods. This applies for a period of two months from the date of issuance of the circular.
Cyclone Michuang (pronounced 'Migjaum') grew into a severe cyclone after forming in the Bay of Bengal during the 2023 North Indian Ocean cyclone season.
Several areas in Tamil Nadu and Andhra Pradesh suffered from flooding due to heavy rainfall in the region caused by the landfall of Cyclone Michaung.
First print: December 18, 2023 | 9:30 PM IST