Domestic Insurance Companies Settled Around 80% Health Claims After Second Wave Of Covid-19

After the ferocious second wave of Covid-19 pandemic that swept India in April-May, insurance companies have settled about 80% i.e., over 15.39 lakh health claims exceeding an amount of Rs 15,000 crore as on June 22, an Insurance Regulatory and Development Authority of India (IRDAI) official said at an ASSOCHAM e-summit yesterday. Over 19.11 lakh covid health claims have been reported as on 22nd June as far as medical insurance or hospitalisation is concerned. While in terms of death claims, which is handled by the life insurers, about 55,276 claims have been intimated and nearly 88% i.e., 48,484 claims amounting to Rs 3,593 crore have already been settled, stated T.L. Alamelu, Member (Non-Life), IRDA. She added that the repudiated claim for health is just about 4% and in life it is just about 0.66%. These figures showcase the opportunity available for insurers, though Ayushman Bharat does cover health for many people, there are other schemes including specialised state schemes, but there is still many people who are not covered by insurance by any form.

Powered by Capital Market - Live News