Mumbai: After the severe second wave of the Covid-19 pandemic that swept India in April-May, insurance companies have settled nearly 80 per cent or over 15.39 lakh health claims till June 22, amounting to over Rs 15,000 crore, according to the insurance regulator. is more. Development Authority of India (IRDAI).
“As far as medical insurance or hospitalization is concerned, more than 19.11 lakh COVID health claims have been reported till June 22. Whereas in terms of death claims, which are handled by life insurers, around 55,276 claims have been reported and about 88 per cent, i.e., 48,484 claims worth Rs 3,593 crore have already been settled,” said Ms TL Alamelu, Member (Non-Life), IRDAI inaugurating the 13th Global Insurance e-Summit & Awards organized by industry body ASSOCHAM.
According to him, the rejected claim for health is only 4 percent and in life it is only 0.66 percent, which is negligible.
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However, Ms Alamelu said that these figures reflect the opportunity available to insurers, although Ayushman Bharat covers health for many, there are other schemes including special state schemes, but there are still many people who are not covered by insurance. any form.
“Now we are facing the problem that most of these people have spent a good part of their savings, it has taken many people below poverty line, they are in debt, they have sold their property. , have mortgaged their jewelry, and were pushed back at the worst of times,” she said.
Ms Alamelu further added, “The industry has a tremendous responsibility, especially for a nation like India, to provide security and not assume that people will not take insurance. Might have to be aggressive, selling insurance more by force as it is no longer an option. “
He said that both the insurance industry and the regulator have worked closely to formulate new policies to meet the demands of the new and unprecedented situation. “We have also simplified certain procedures and procedures to ease the service of policyholders.”
Encouraging the insurance industry to scale up its digital platform to meet the increased online demand, it said, “Going forward, much of it will move from office to online, with its employees working to ensure seamless services. Have worked more and more from their homes for the policyholders.
Talking about Micro, Small and Medium Enterprises (MSMEs), he said, “MSMEs are getting a lot of attention, with the recent initiatives by the government, insurance has a very important role to play here. The safety net provided by insurance keeps various industries thriving in a healthy manner. This causes more employment, demand and consequently more supply and the cycle goes on.”
On the performance of the insurance industry, it said it grew exceptionally well at the end of the last financial year, with combined life and non-life showing a decent growth of nine per cent, while this year, from April-May, 17 percent has been recorded.
On the growth prospects of the insurance industry over the next five years, he said that if things settle down it could easily grow at well over 40-50 per cent, and otherwise it could grow as much as 25-30 per cent in the world. rate should increase. There is profit for them to take.
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