"After Cyclone Hudhud, we have received 541 claims until now, out of which 70 percent would be settled by the close of business hours tomorrow (October 31). Of these claims, 80 percent of smaller claims (amount less than Rs 5 lakh) would also be paid by the same timeline," SBI General Insurance Managing Director and Chief Executive Bhaskar J Sarma said.

A total number of 87 claims have been reported as of today from the floods in Jammu and Kashmir, which hit the Kashmir Valley early in September. On a gross basis, the total estimated loss reported stands at Rs 5.86 crore tentatively for the company, he said.

"We have already settled 79 claims out of 87 claims from J&K floods victims as on date on account payment made amounting to Rs 1.58 crore, which means 91 per cent of claims reported have been settled. Our team is working on final payment for on account cases with the target date as October
31," he said.

He said that his company is adequately prepared with reserves and resources to handle any further increase in claim escalations and intimations.

"Our interest in responding to exigencies like these underlines what we are about as a business which is getting  people back on their feet quickly and back to business as usual," he said.

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