Covid-19: Increasing compensation claims in India

coronavirusAs of 30 October 2020, the General Insurance Council affirmed that Indian insurers have received 501 000 Covid-19 claims for a total amount of 77 billion INR (1.03 billion USD).

Up to now, insurance companies have settled 43% of them that is 33.15 billion INR (446.22 million USD) of the total incurred losses. In India, 8.36 million cases of coronavirus were recorded as of 5 November 2020, only 5.99% of which benefit from a health insurance coverage. In this context, the Insurance Regulatory and Development Authority of India (IRDAI) urges the insurers to focus on covering preventive care rather than hospitalization costs.

The IRDAI also recommends that insurance companies reduce their costs.

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