According to Indian general insurance industry sources, health insurance claims have come down in the country and COVID-19-related health insurance claims have also not shown a significant spike.
News agency India Abroad News Service (IANS) has reported that till 1 May 2020, the Indian general insurance industry had received a total of around 790 COVID-19-related health insurance claims amounting to around $2.1m.
Around 2% of hospitalised COVID-19 infected persons have filed insurance claims and each of the claim is estimated to average around INR200,000 ($2,600). The data about the number of COVID-19-related health insurance claims settled to date is not available.
The IANS report, quoting an industry official, said that COVID-19-related health insurance claims are highest from the state of Maharashtra at 380 followed by Delhi (140), West Bengal (75) and Tamil Nadu (51).
Speaking to Indian financial daily Business Standard, Bajaj Allianz General Insurance MD and CEO Tapan Singhel said, “In fact, most of the hospitals are reporting (during these pandemic times) occupancy levels of 30-50%. In the lockdown period, the number of health claims have reduced and the COVID-19 claims have also not moved up significantly.”
National Insurance Academy director G Srinivasan has, however, said the health insurance claims due to COVID-19 may increase with more infections happening in the new financial year 2020-21 that began on 1 April 2020.