PSU insurance companies open common third party claims centre in Kochi

Four public sector insurance companies have jointly opened a centre for third party claims settlement in Kochi, their second such centre in the country, after the one in Cuttack.

The insurance companies plan to set up 50 such centres across the country this year to deal with pending cases of motor accident claims.

The Common Mechanism for Compromise Settlement of Motor Third Party Claims set up by the state-run National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd, will ensure speedy settlement of motor accident cases, the insurance companies said.

The Kochi centre, inaugurated by Justice Ramachandran Nair of the Kerala high court, has settled about 200 cases by noon today, according to G Srinivasan, chairman and managing director of United India Insurance Company Ltd and chairman of General Insurers' Public Sector Association (GIPSA).

The Cuttack centre in the eastern region, set up in March 2011, has already settled claims worth around Rs2.93 crore, while two other pilot centres are planned at Mehsana and Jaipur, Srinivasan said.

"India is considered the world's accident capital and has overtaken China in rate of accidents. About 1.2 lakh fatalities take place and this was a matter of concern," he said.