The bulk of these claims — Rs 7,136 crore — have been paid by non-life insurers, largely under health insurance policies. The life insurance industry has paid Rs 1,242 crore in death claims due to Covid, which has taken a toll on 1.5 lakh lives in the country. For Covid-specific products, the claim amount settled is about Rs 700 crore. The industry has recovered, and insurers are showing positive growth, Khuntia said.
Speaking at the NIA-Swiss Re seminar on the theme of “Navigating Uncertainty: Insight-Driven Innovation”, Khuntia said the insurance industry should help mankind to become resilient to face any such adversity like a pandemic in the future.