RMSI, a Delhi based global catastrophe risk management consultancy offering solutions for risks associated with natural and man-made hazards, has estimated that initial potential economic losses out of Cyclone Tauktae are about Rs 15,000 crore, over $2 billion, with the agriculture sector being the worst hit and Gujarat and Diu the most affected regions due to the strong wind and the resultant flooding.
However, it is not yet known the insured losses from the cyclone.
“We are yet to receive any prelimnary reports on insurance claims,'' said senior official of New India Assurance.
Infrastructure, mainly the ports along the western coast and utilities, electricity and telecom sectors, have also been hit severely leading to such losses, said RMSI,
Among the states, Kerala, Karnataka, Goa and Maharashtra have been partially affected by the cyclone.
Pushpendra Johari, senior vice president, sustainability, RMSI said“Cyclone Tauktae is an uniue cyclone event that has impacted all coastal western states and union territories of India . Thoigh the cyclone effect on Kerala, Karnataka and Maharshtra and Goa was not severe, Gujarat and Diu are badly impacted.''
“Though the cyclone has made a landfall , this is not the end of our distress. Recent clinmtae change studies have highlighted rising sea surface temperature in the Arbian sea. This will increase the cyclone frequency in these region. We shpould improve our preparedness even further to deal with more such events in future,'' he cautioned.
Nearly 25-40 per cent losses are expected from agriculture sector frpm all the impacted ststes.Around 15-20 per cent from the trasportion sector, primarily ports and similar loss share fom the utility sector primarily power and telecom, said RMSI
According to the weekly Aon Cat report, Tauktae originated as a broad area of low-pressure in the southeastern parts of the Arabian Sea and became the 1st named storm of the 2021 North Indian Ocean cyclone season. The system had undergone rapid intensification and strengthened to a Category 4-equivalent on the Saffir-Simpson Hurricane Wind Scale, before eventually making landfall near Una Town in Gujarat on May 17.
It was noted as the 5th strongest cyclone to have originated in the Arabian Sea and the strongest storm to strike the Indian state of Gujarat. Torrential rainfall, coastal storm surge (including in Mumbai), rough sea conditions, and damaging winds resulted in widespread damage to at least 60,000 houses and numerous other structures. As many as 142 people were confirmed dead and dozens of others left missing or injured. The total economic cost was anticipated to exceed USD1 billion, said Aon cat report..
Meanwhile, ICICI Lombard General Insurance, the largest private sector general insurer, has rolled out critical measures to accelerate the process of property-related claims settlement arising from the aftermath of the cyclone.
In an attempt to expedite the claims redressal procedure, the insurer has formed a panel of 15 survey firms from among their empanelled surveyors who will assist in servicing claims arising out of this cyclone. The survey firms have been mobilized and are already at the affected sites.
To ensure that customers have a hassle-free claims settlement process, ICICI Lombard has advised the survey firms to conduct virtual surveys for small value losses of up to Rs. 5 lakhs.
However, in case of connectivity issues due to the breakdown of telecommunication lines, the on-ground survey team will assist customers in the quick redressal of the claim.
Additionally, the insurer has apprised all its customers of the claim reporting link on the website of the company by way of a SMS that was sent to individual customers prior to the Cyclone. Alternately, customers can also connect on the toll-free number + 91 1800 2666 for any assistance.
SBI General Insurance said it has also set the standard operating process in motion and has set up a task force to manage queries and claims on fast-track mode. It is monitoring the in-coming information; and is equipped to respond to all the queries.
Customers can call the company’s toll-free number 1800 102 1111,SMS to 561612,send details on email: firstname.lastname@example.org and visit claims intimation section on www.sbigeneral.in.