Janashakthi to pay over Rs. 5 b in claims

 


All motor policyholders with flood cover
would be paid 100 percent of their claim
on an ex-gratia basis.
Janashakthi is committed to paying over Rs 5 billion in claims for those who were affected by the tsunami in Sri Lanka and the Maldives on all classes of business, said Managing Director of Janashakthi Insurance C.T.A Schaffter at the press conference in Colombo.

"Janashakthi has decided to make payments in all claims including customers who have not obtained the specific covers necessary to protect them from the tsunami. We are committed to paying every customer who has suffered a loss his legitimate claims in full and this has already commenced.

Where the customers do not have the necessary cover we are committed to pay every customers an ex-gratia amount to reduce the burden of his loss," Schaffter said.
Although many customers did not have the requisite cover, Janashakthi has structured a package of ex-gratia payment to all customers.
"All motor policyholders with flood cover would be paid 100 percent of their claim on an ex-gratia basis.

 All motor policy holders who do not have flood cover but have comprehensively insured the damaged vehicle with the company continuously for the last five years will be paid
 
 
 
  100 percent of their claim, while those who have been with the company for less than three years will be paid 50 percent of their claim and clients who have been with the company for less than three years will be paid an ex-gratia amount of Rs 50,000 per claim or their assessed claim whichever is lower all on an ex-gratia basis," he said.
"Janashakthi leveraging on its strong reinsurance and asset base exceeding Rs. 3 Billion has already commenced settlement of claims while its islandwide team of loss adjustors and assessors have been working around the clock to assist customers affected by this disaster. International assessors have also been despatched to several Maldivian islands to assess damage to properties insured by Janashakthi," he said.
Janashakthi has received twelve life insurance claims, 300 motor vehicle insurance claims and 75 property insurance claims including the Maldives.
"We did not have so many even in 1983. In the first few days after the incident we were able to inspect 90 percent of damaged vehicles. We have already settled a few life insurance claims," Schaffter said.
Janashakthi requests all claims whether motor or otherwise to be intimated on or before January 20, 2005 on its full option call centre No. 2303300 which has been dedicated for this purpose.
Policyholders who have lost their policy documents could also call this number to facilitate duplicate documents being issued.