Page 22 - Insurance Times December 2020

Cover Story

HEALTH

INSURANCE

LANDSCAPE:

BEFORE & BEYOND

2020

'Pandemic providing more opportunities than
challenges in Health Insurance Segment.'

Health overtakes Motor: back. It will change the face health insurance in India and

Year 2020 will forever be remembered as a decisive, the balance of power will tilt towards the customers.
dreadful & most disruptive time in the history. The pandemic
is still frightening and cases are rising every day. It is scary Set of challenges are evolving the health insurance industry
and it suggests that we have not yet reached the peak. We at very fast pace and these changes are driving
are among the top worst hit countries by Covid-19. We have transformation in health insurance risk landscape. It is true
learned to live with this fearful situation and this is now the that evolution never stops and that change is the only
new normal. constant. The pandemic has changed the way people look
at health insurance. The COVID-19 crisis continues to have
significant impact on insurers even when they triggered on
Pandemic is challenging health insurance industry on various
fronts at the same time when the Regulator also brought time their 'Business Continuity Plans' in most effective
in many revolutionary changes through next phase of manner and yet when insurers are transiting from respond
standardization reforms to bring uniformity and to recovery phase in their retort to COVID-19.
transparency in health insurance contracts. Standard retail
product and standardized exclusions will surely bring trust Pandemic has changed the dynamics of general & health
insurers. It has significantly disrupted economic activities in
the country resulting in significant business drops thus
About the author resulting in shrink in insurance income. Motor segment has
been hit worst. It has taken a toll on new premiums as well
Vinay Verma as renewal premium in Motor Insurance segment in FY 21
Dy General Manager due to dipped production and reduced economic activity.
Oriental Insurance Company Limited. Motor Insurance that used to remain the growth navigator
Honorary Member of FICCI and CII at industry level witnessed de-growth of 15.73% in premium
Health Insurance Forum. volumes till August 2020. This segment which holds the
The Insurance Times, December 2020