IDRA asks insurance cos to settle turmoil-related claims

The country's insurance companies are allegedly not responding positively to the claims against damages that occurred during the recent political turmoil, official sources said.
The Insurance Development and Regulatory Authority (IDRA) has received several complaints from the policy-holders of being refused by the insurance companies against these claims.
Against this situation, the IDRA on Thursday last asked all the insurance companies to cooperate with the policy buyers and settle the claims immediately.
"The recent political unrest has caused damage to lives, vehicles, and assets which resulted in creation of some insurance claims by the policy buyers. But we came to know that the insurance companies are not responding positively to the claims," IDRA chairman M Shefaque Ahmed told the FE Monday.
He said the IDRA has received some complaints in this connection. "So, we have asked the insurance companies to make payment for the claims according to the rules."
The authority is yet to get an assessment of the extent of damages caused during recent political violence. The IDRA also asked the insurance companies to let it know immediately the volume of claims so far made by the policy buyers following the turmoil.
"The extent of damages is yet to be determined. We have sent a reminder to the insurance companies to inform us about the claims so far made," IDRA member Nurul Islam Mollah said.
"We want the claims to be settled immediately so that policy buyers can minimise their losses," he told the FE.
In the directive, the IDRA said: "It is expected that the insurance companies will come forward with helping hands as the policy buyers are in dire straits."
It said policy buyers have alleged that insurance companies are unnecessarily taking too much time to settle the insurance claims made by the policy buyers. "The high-ups of the government have also been informed about such delays made by the insurance companies."
The directive said in some cases, the insurance companies are allegedly discouraging policy buyers to make claims against the damages caused by the recent political chaos.
"It is totally unexpected. Such activities go against the objective of insurance which hampers expansion of the sector," it added.
Owners of vehicles and other establishments buy riot and strike damage risk policies to cover the losses if those come under attack.
 The payments have to be made by the insurance companies against the claims after surveyors make assessment of losses sustained.