Insurance claim worth Rs 4.1 crore settled in Lok Adalat

C Shivakumar

Chennai:

In one of the highest claims settled in Tamil Nadu Lok Adalat, a family of accident victim got Rs 4.1 crore from an insurance firm two years after the incident.

The family of the victim V Satyanarayanan (36) submitted Rs 10.45 crore claim from Royal Sundaram Alliance Company after his death in a motor accident on January 14, 2012 at Melur in front of Narasinampatti EB office in Madurai district.

The accident was caused due to rash and negligent driving by tipper lorry driver V Kaliyanasundaram. The impact was such that the car was damaged beyond repair and Satyanarayanan, a Standrad Chartered Bank employee died on the spot, a petition filed before the Motor Accidents Claims Tribunal stated.

The claim was later settled for Rs 4.1 crore after family members and Royal Sundaram Alliance accepted the deal. The cheque was presented by acting chief justice Satish K Agnihotri to deceased wife Uma Satyanarayanan.

C Raghavan, chief Judge, Court of Small Causes, Chennai, said the amount of Rs 4.1 crore has been apportioned among the family members. The victim’s mother Lakshmi Ramani will get approx Rs 1.36 crore, his wife Uma Sathyanarayanan will get Rs 1.36 crore while the child of Satyanarayanan who is a minor will get 1.36 crore.

Interestingly, it was not the only claim to have been settled in the Lok Adalat. United India Insurance settled a claim of Rs 30 lakh with a A Sivasakthivel, whose leg was crushed in an accident after a lorry hit his bike from behind.

Sakthivel, a B Arch student, said that he initially claimed Rs 50 lakh but then settled for Rs 30 lakh.

United India Insurance deputy general manager K B Vijay Srinivas told Express that in the Lok Adalat they have settled 1800 cases in Tamil Nadu worth Rs 27 crore.

In last financial year alone, New India Insurance has 3,500 new cases with claims worth Rs 300 crore.

Interestingly, motor insurance companies feel the loss ratio is increasing year after year. United India Insurance says the loss ratio could be anywhere around 120 per cent as a result this will also have an impact on the premium. “From April 1, there is an increase in third party premium on an average of 15 per cent,” he said.