The loss to property in Vizag has been unheard of in the past. Though the extent of damage is less in Odhisha when compared to Andhra Pradesh, Andhra Pradesh is in a deplorable state of affairs with huge losses in terms of vehicles and buildings.
The situation has become nothing less than a nightmare of sorts for the insurance companies. Since much of the property lost comes under insurance claims category, the companies are petrified about the ‘claims’.
According to one estimate, the insurance companies will have to pay about Rs 4 to Rs 6,000 crores to the people. Though they were prepared for Rs 2000 crores, the estimates are only increasing with each passing day and the companies are now a worried lot.
Many boats have been destroyed due to the fury of Hud Hud and many more vehicles have been destroyed within the city.
So, it is being said that the insurance companies are bound to get a huge jolt. And when it comes to huge buildings, many say, the companies will end up in a really tight spot.