Insurance corporations acquired 28.46 lakh claims for Rs 36,003 crore within the final 22 months (until February 4) from individuals affected by the coronavirus, with claims price Rs 4,300 crore coming within the final 4 months.
Of this, insurers have settled 25.53 lakh claims for Rs 23,595 crore up to now because the Covid pandemic started in March 2020, in line with figures compiled by the General Insurance Council. Companies have repudiated 1.98 lakh claims for Rs 1,459 crore up to now. Maharashtra reported the utmost variety of claims at 9.3 lakh for Rs 9,637 crore, adopted by Gujarat with 3.44 lakh claims for Rs 4,345 crore, and Tamil Nadu with 2.85 lakh claims for Rs 4,144 crore. Insurers settled 8.46 lakh claims for Rs 6,511 crore in Maharashtra.
The common measurement of the Covid declare on the all- India stage works out to Rs 1,26,467 whereas the scale of the settled declare per particular person isRs 92,411. Indicating poor well being cowl penetration, insurers acquired solely 93,386 claims for Rs 701 crore from Kerala, which stories essentially the most Covid instances now. The common measurement of the declare settled per particular person in Kerala can be one of many lowest at Rs 57,294. Uttar Pradeshaccounted for the utmost quantity settled per particular person at Rs 1,24,720.
Telangana reported the very best common per particular person Covid declare of Rs 183,670.
However, within the backdrop of falling incomes due to medical exigencies or job losses, many Indians are cutting down the protection of their medical health insurance insurance policies in a bid to save lots of on the premium quantity expended. “Adding to this alarming trend is the fact that nearly 30 per cent of the Indian population remain uninsured and you have a dangerous situation that is detrimental to our country’s goal of achieving Universal Health Coverage (UHC) by 2030,” mentioned Satish Gidugu, CEO & whole-time director at Medi Assist Healthcare Services.
“To reverse this course, it is imperative that tax paying citizens are incentivised to opt for a higher health insurance cover while thegovernment focuses on its slew of initiatives aimed at the bottom 50 per cent of India’s population,” Gidugu mentioned.
On most insurance coverage merchandise, the GST price is eighteen per cent, which thrusts the premium to 118 per cent for the end-user. The abolition or a minimum of a sizeable discount within the GST on all private strains of merchandise — from 18 per cent to five per cent will encourage extra individuals to purchase medical health insurance, mentioned ManipalCigna Health Insurance, CFO Srikanth Kandikonda.
Insurance corporations mobilised Rs 54,235 crore as well being cowl premium throughout the nine-period ended December 31, 2021, an increase of 28.78 per cent from
Rs 42,113 crore in the identical interval of final 12 months. Of this, mobilisation by way of retail insurance coverage cowl rose to Rs 20,995 crore. Public sector New India Assurance collected Rs 12,050 crore as well being premium throughout the nine-month interval, as towards Rs 8,212 crore in the identical interval a 12 months in the past.
Gidugu mentioned there is a chance to cut back the GST charges on medical health insurance premiums, permit enter credit score on GST paid in direction of worker medical health insurance and get rid of perquisite tax utterly on worker medical reimbursements. This will create a major affect on the general adoption of medical health insurance.