UNMESH GUJARATHI
Sprouts Brand Story

Health insurance claims related to Covid cases registered a steep amount causing concern to the Insurance companies. For, the amount that needed to be paid to the claimants far exceeded the amount the insurance companies earned through premiums.

Figures gathered by our Sprouts’ Special Investigation Team (SIT) indicated that upward of 29.31 lakh Covid related health claims were registered. A majority of these claims have already been processed by the insurance industry. The corpus of funds paid towards the insurance claims stand at a whopping INR 36,512 crores.

Bhaskar Nerurkar, head of Bajaj Allianz General Insurance disclosed that the payment figures stood testimony of a higher quantum of claims. Our SIT learnt from insurance teams that the higher volume of claims was mainly because of increased awareness on all health-related issues including Covid pandemic.

The other factor that led to this upward spiral in claims was that insurance companies offered group insurance to many corporate houses in order to promote their business volumes and meet targets. Insurance observers said that the anticipated third wave was not so severe. “In all probability, the insurance companies will tide over this crisis,” they concluded.