MUMBAI: Health insurance claims due to Covid reported since April 1, 2021 are 57% of the claims filed in the year ended March 2021. Non-life insurance companies are seeing a sharp spike in claims, which could impact their balance sheets if the trend continues.
As of March 31, non-life companies, including health insurers, received 9.9 lakh claims for Rs 14,561 crore for Covid treatment. This went up to 14.8 lakh as of May 14, 2021, for Rs 22,955 crore. This means that in the first 44 days, Covid claims amounted to Rs 8,385 crore, which is 57% of the pandemic-related claims for FY21.
According to New India Assurance chairman Atul Sahai, claims paid by his company are around Rs 2,200 crore. “Last year though we had claims, we were not worried about the impact on the balance sheet. This year it could reach a point where it does,” he said. Sahai added that although the rising cases were resulting in losses on the Corona Kavach policies, public sector insurers are not looking at a
Over half of FY21 Covid mediclaims filed in just six weeks
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As of March 31, non-life companies including health insurers received 9.8 lakh claims for Rs 14,560 crore for treatment of Covid-19. This went up to 14.8 lakh as of May 14, 2021, for a total value of Rs 22,955 crore.
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Another trend is that an increasing number of claims are coming from tier II and tier III towns.
(This story originally appeared in on May 17, 2021)Health insurance claims due to Covid reported since April 1, 2021 are 57% of the claims filed in the year ended March 2021. Non-life insurance companies are seeing a sharp spike in claims, which could impact their balance sheets if the trend continues.
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Time Taken To Settle Road Accident Claims To Come Down From 5 Years To Just Three Months
by Swarajya Staff - May 13, 2021 07:24 AM
Accident on a Bengaluru road, (Photo by Bachchan Kumar/Hindustan Times via Getty Images).Â
The Ministry of Road Transport and Highways (MoRTH), insurance companies and state police departments are developing a proposal to reduce the time needed for claims settlement for accident victims, according to a report in
Livemint.
The average time required as of now is five years, which is expected to be just three months in the new plan. Every year, claims worth at least Rs 10,000-12,000 crore are raised by road accident victims. Of this, insurers pay at least Rs 5,000 crore on average. The rest of the amount remains disputed, and the court cases go on for years, which increases the distress for victims families, Source in the know told the reporter.
Policyholders get only 45-80% of Covid bills
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“How can a hospital treat a patient without PPEs?” asked an official at the Insurance Ombudsman office . We used to get a few cases last year, now we have 88 pending cases, 70% to 80% of which are short settlements,” the official said.
(This story originally appeared in on May 04, 2021)CHENNAI: As the number of people hospitalised due to Covid rise, many find that they have to settle a big chunk of the bill out of their own pockets despite having health insurance. Policyholders are again caught in the crossfire between hospitals and insurers over the treatment of consumables like personal protection equipment (PPE) kits resulting in only 45% to 80% of hospital bills being recoverable by customers.