According to K K Mishra, CEO of TATA AIG General Insurance, the sector has been taking a pro-active approach in handling of such claims arising out of catastrophic incidents. He added the company has already deployed their personnel in Vizag for looking into claims settlement. "I am personally collecting statistics from my staff from the 'Hudhud' hit areas in the north coastal Andhra and coastal Odisha. However, it will be too early to provide details," Oriental Insurance Chairman and Managing Director A K Saxena said.

Life insurance claims are expected to be minimal, given that the penetration of insurance is not very high in the regions affected by the cyclone. P Nandagopal, managing director and CEO of IndiaFirst Life Insurance, said the company will take all efforts to expedite claims processing. The cyclone has claimed 24 lives so far.

The recent floods in Jammu and Kashmir had led to claims of more than Rs 3,000 crore, where state-owned general insurers were asked to settle claims without any verification. The Supreme Court had upheld the order of the J&K High Court, asking insurers to settle claims in a timely manner.

The J&K High Court had asked public-sector insurance companies to pay 95 per cent of the cover for those who had taken insurance cover for Rs 25 lakh or less, and 50 per cent of cover for those who had taken cover for more than Rs 25 lakh.