November 29, 2021

SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

Health insurance companies get over 900K Covid-19 claims, settle 84%

Share This :
, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

companies are seeing the number of Covid-19-related claims rising, even as the pace of growth has slowed since the August-December period.

As of February 25, general and standalone health insu­r­ers have received 908,849 Covid-related claims, amounting to Rs 13,752.41 crore, according to the data compiled by General Insurance Council, which is not publicly available.

They have settled 761,676 claims, amounting to Rs 7,141.33 crore, almost 15 per cent of the health premiums the insurers have collected till January.

Overall, the insurers have settled almost 84 per cent of the claims in terms of the number of claims, and 52 per cent in terms of the amount of claims.

At the end of July, only 81,000 Covid-19 claims were filed with insurers. That number doubled in a month’s time to 160,000, and breached 475,000 by October-end. By mid-November, the figure had surpassed 576,000, reaching 664,488 by early December amounting to Rs 9,989.89 crore.

The average Covid claim received by the insurers is around Rs 1.51 lakh, but the average claim settled by is Rs 93,758.17.

“While the number of cases have dropped tremendously, the claims did not follow the same trajectory because a fair bit of our claims come in the form of reimbursement too,” said Bhabatosh Mishra, Director Underwriting, Prod­u­cts & Claims, Max Bupa

, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

“And, now we are seeing more reimbursement claims coming in compared to new cashless claims,” he added.

This is one of the reasons why there is gap in the number of claims reported and the number of claims settled by the insurers so far. Going forward, insurers are unsure about the trajectory of claims because while the cases have seen an upward trend in some states, the government has also started the vaccination drive. Also, the impact of the huge Covid claims burden on the loss ratio is something the insurers are still evaluating. While on the one hand there have been huge Covid claims, some of the avoidable claims such as accident claims were far less than normal as there was a stringent lockdown in place for most part of the year.

Even the planned treatment claims were far less than normal, but these are slowly rising now, experts said.

“For many insurance companies, the claim ratio is possibly a little higher than what they had planned for,” Mishra said.

, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Share This :