The insurance claims of Mumbai’s Oberoi, Trident and Taj Mahal, damaged last year on 26/11 are expected to be settled from the terror insurance pool by March 2010 by the General Insurance Corporation of India.
The payments, made so far, were on an unaccounted basis and the final amounts were likely to emerge shortly as the hotels are in the final stages of repairs.
While nearly Rs300 crore of claims are yet to be settled, the inflow into the GIC administered terror pool by March is expected to be approximately Rs100-150 crore. This development was first reported by the Hindu Business Line.
“We hope to discharge the entire claim amount by March,” a GIC official said. “Our total claim outgo of about Rs200 crore has already been refilled by fresh premium contributions from all the general insurance companies in the last few months.”
The new premium contributions during December-March are expected to be nearly Rs75 crore. GIC expects to earn interest accruals on deposits of the premium pool. The total inflow by March is expected to be in the range of Rs100-150 crore.
The damages in the 26/11 attack were feared to have wiped out a sizeable chunk of the pool. The total size of the terror pool stands at Rs1,500 crore as on date. Of the estimated claims of about Rs500 crore, Rs15-20 crore would go to the shops damaged inside the hotels. ICICI Lombard had found that one portion of the Nariman House was covered terror insurance policy, but, no claims had been lodged so far, the GIC sources said. Tata AIG, New India Assurance, ICICI Lombard and Iffco-Tokio were the insurers to the three hotels.
