Mumbai: Even as a second wave of Covid EBBS, claims continue to devote to health insurance companies.
As a result, payment due to Covid-19 claims is likely to exceed insurance claims from other diseases in the first fiscal first quarter.
The insurance company has settled more claims than Rs 16,000 Crore because Covid and the amount still rises, according to industry executives.
“As an industry, we have 10 lakh claims in the first quarter of this year, which is the same as the number of claims for the whole last year.
The claim is close to the provisions we have made last year,” said Ritesh Kumar, MD & CEO, General HDFC Ergo Insurance.
He added that if the company’s experience was nothing to pass, 25% of the claims had not yet entered.
According to Polysbazar Head of Health Insurance Amit Chhabra, in the first wave of pandemic, claims for Covid treatment are one third of total health claims.
It fell to 31% as the first wave of receding in the December quarter even as part of the increase in private care.
Before the second wave hit, there was a sharp decline in the case of covid hospitalization and increased elective procedures, which resulted in the share of Covid claims fell to 14%.
In the first quarter of fiscal at present, Covid claims are expected to be more than 50%.
Even now claiming comes to replacement for hospitalization and domicile care.
Another reason for the increase in Covid claims during the first quarter was a decrease in other diseases due to locking.
“There are fewer accidents.
Eat drops, so the opportunity to contract infectious diseases also goes down and elective operations such as cataracts and replacement of knee are postponed,” Chhabra said.
On the other hand, Covid has caused an increase in demand for health insurance.
Premium collected for health insurance has surged to 58,572 crore at FY21 from RS 51,674 Crore at FY20.
When insurance companies learn to live with Covid claims, they design health insurance products that remember it.
The covid key aspect is that consumables form a large portion of hospital bills, which are not included in standard health policies.
Insurer now designs a policy that covers consumables.