Insurance claims

Claims are formal requests made by insurance policyholders to their insurers for financial compensation or coverage after a loss. When a policyholder experiences a covered loss, such as an accident, theft, or property damage, they submit a claim to the insurance company. The insurer reviews the claim, verifies the loss, and determines whether the policy covers the event and how much compensation is owed.

Example

A homeowner's house is damaged in a windstorm. The homeowner files a claim with their insurance company and provides documents and evidence of the damage, such as photos and repair estimates. The insurer assesses the claim, confirms that the policy covers windstorm damage, and calculates the payment based on the policy terms and conditions. Timely and accurate claims processing helps maintain customer satisfaction and trust in insurance.