LIC alone provide cover to 12.7 lac people in Jammu and Kashmir.

Life InsuranceCorporation of India alone has provided a cover to 12.7 lakh people in the state for a total sum assured of Rs 16,543 crore. Till September 13, the corporation had not received any intimation for a claim. The InsuranceRegulatory and Development Authority has asked life insurance companies to settle claims quickly.

Less than 30 claims each were reported from flood-hit Uttarakhand in 2013 and Mumbai in 2006, suggesting meagre insurance penetration. Claims from Uttarakhand  floods amounted to Rs 1,500 crore.