Insurers see huge spike in Covid-19 claims as second wave sweeps India

As a second wave sweeps the country, the general and health insurance companies have seen an alarming rise in health claims due to Covid. As of May 14, non-life insurers have received 1.48 million claims amounting to Rs 22,931 crore.
 
They have so far settled 1.23 million claims amounting to Rs 11,784 crore. In the past month alone, insurers have received 466,498 claims and settled 366,306.
 
In absolute numbers, over 83 per cent of claims have been settled, while in value terms, just 51.38 per cent of claims have been closed. While the mounting claims is a worry for insurers, there is some comfort in the fact that Covid and non-Covid claims are inversely related.