Surge in claims as COVID-19 cases soar

Indian general insurers are seeing more claims for the treatment of COVID-19 as daily case numbers in the country continue rising. As at 1 September 2020, the non-life insurance industry had received 169,000 claims amounting to $362m.

According to the Indian ministry of health and family welfare, there were 801,000 active cases of COVID-19 in India as at 2 September 2020, with 290,100 COVID-19 patients having been discharged and 66,333 deaths.

Maharashtra state has reported the highest number of claims, followed by Tamil Nadu. Within Maharashtra, Mumbai has seen 21,500 claims, followed by Pune at 15,800.

According to data from the General Insurance Council of India, insurance companies have received over 69,500 claims from Maharashtra alone amounting to $122m. Tamil Nadu and Karnataka have seen around 20,300 and 13,900 claims, respectively.

According to senior officials from the insurance industry, the average cost of a COVID-19 claim is around $2043 in urban areas and around $680 to $1020 in semi-urban or rural areas. If a patient is in serious condition and has been admitted to the intensive care unit, each claim could cost around $8166 to $11000.

Source: Asia Insurance Review