Covid-19 insurance claim amount at Rs 700 crore

A total of about 41,000 Covid-19 insurance claims have been lodged with the non-life insurers in the country with an estimated claim amount of about Rs 700 crore, said an industry official.

"About 41,000 Covid-19 claims have been lodged with the non-life insurers across the country. The total amount claimed is about Rs 700 crore," the official told IANS preferring anonymity.

The average amount claimed is about Rs 1,70,731.

The total number of claims settled by the insurers till date stands at 27,500 and the claim amount paid is about Rs 230 crore.

The average payment is about Rs 84,000 per claim.

A standalone health insurer told IANS that the company's average claim payout per Covid-19 claim is about Rs 1,08,000.

"The initial estimates and the actual claims settled will always vary," an industry official said.

Meanwhile the industry body General Insurance Council recently published a schedule of rates for Covid-19 claims after discussions with medical professionals employed by member insurance companies.

The General Insurance Council had said insurers shall be guided by the treatment protocols prescribed by the Indian Council of Medical Research.

The Council said the rates are broadly based on the schedule of rates suggested for Covid-19 treatment by a Niti Ayog panel.

According to an industry official, smaller hospitals are agreeable to the rates suggested by the General Insurance Council whereas big corporate hospital chains are not.

Meanwhile the Insurance Regulatory and Development Authority of India has set up a working group to look at the possibility of creating a 'Pandemic Risk Pool' as a solution for various issues that emerge due to a pandemic..