Contrary to expectations, Essar's claim has surpassed that of Reliance Petroleum, which had submitted a bill of over Rs 100 crore to Oriental Insurance. Essar had insured the project with Chennai-based United India.

A top insurance team headed by GIC chairman D Sengupta is visiting Kandla to assess the the damage and settle some claims on the spot. All the four GIC subsidiaries have received a total claim of around Rs 1,300 crore on account of the Gujarat cyclone out of which the domestic companies will have to take a hit of Rs 200 crore.

"Almost 90-95 per cent of the claims have been re-insured," said a top official of GIC, adding that the actual total loss amount will be subject to scrutiny by the companies.

Speaking toThe Financial Express, Sengupta said, "Technically such a devastation is an exposure for us which willserve us to take preventive measures in future.'' After an initial survey of the damage in the cyclone-affected area, the companies have started settling claims since last week.