Coronavirus claims impact Indian health insurance sector
Claimed amounts have reportedly tripled between June and July, according to the General Insurance Council of India
As of the beginning of July, coronavirus-related health insurance claims had hit a value of $75 million, up from $24 million at the beginning of June. The number of individual claims, meanwhile, was seen to have risen from 11,000 to 35,000 over that period, and over 23,000 claims – worth approximately $24.5 million – had been settled, as of the beginning of June. However, according to the Council, while the average claim amount has risen, the average settlement amount has dropped, indicating lower payouts despite the high costs of treatment for Covid-19-related afflictions.
Industry figures are reportedly alarmed by the rise in claims and are concerned by the potential impact on India’s health insurance industry – despite the fact that health insurance penetration in the country sits at only four per cent.