Chennai, Dec 20 (IANS): Union Finance Minister Arun Jaitley on Sunday said the recent floods in Tamil Nadu's four districts should be viewed as a challenge to improve insurance coverage and make India a more insured society.

Jaitley was here to distribute loans and insurance compensation to the flood-affected people at a function organised by State Level Bankers' Committee (SLBC).

He said the final objective was to make India an insured society.

Pointing out that insurance penetration was presently low in the country, Jaitley said natural tragedies pose a challenge and insuring the life and property would help people to face the situation.

According to the minister, banks and insurers will work with other organisations to bring back normalcy in the lives of flood affected people. He also asked the insurers to settle the claims fast.

Jaitley also called on Tamil Nadu Chief Minister J. Jayalalithaa at the state secretariat and discussed about the flood relief and rehabilitation actions taken by the state.

Unprecedented rains, the worst in 100 years, battered Tamil Nadu's Chennai and other northern districts of Tiruvallur, Kanchipuram and Cuddalore in the first week of December. According to official estimates, about 390 died.