BFSI Insight Summit: Why should we not seek subsidy, ask panelists

Say customer engagement has been one of the pain points for insurers, historically

The non-life insurance industry has paid around Rs 30,000 crore in Covid-related health claims without any support from the government and the cost of such claims are borne by the industry, said the panelists at the Business Standard BFSI Insight Summit on Monday.

They said this could lead to an increase in premium unless the government steps in to minimise the burden on the end-consumer, such as through a reduction in goods and services tax (GST) on premiums or address the issue of high health care inflation.

The panelists were part of a discussion on the topic General Insurers —