GIC releases terror insurance claims to Taj and Oberoi
General Insurance Corporation (GIC Re) has so far released Rs 167 crore as insurance claim to the Indian Hotels and EIH Ltd, the operators of prestigious Hotel Taj and Hotel Oberoi that suffered 26/11 terror attacks in Mumbai, claiming several lives and making huge property and heritage loss to the hotels.
GIC Re's Chairman and Managing Director, Yogesh Lohiya, said, "We have released Rs 167 crore to both hotels till now. The renovation work is on and we are waiting for the final report to settle the final claim."
GIC had formed a terror insurance pool in 2001 in a bid to provide insurance claim arising out terror activities. GIC had already paid the first insurance installment of Rs 25 crore each to both hotels in December last year out of total amount of Rs 167 crore.
Speaking at a seminar organized by the National Insurance Academy, Mr. Lohiya said, “As far as our company is concerned, the total hit from the claim on us was Rs 90 crore only and we are likely to get a sum of Rs 350 crore as recovery amount from various reinsurers that were involved in the deal.”
