Page 13 - The Insurance Times October 2021

Health Insurance News

Health portfolio continues Insurers receive 1.42-mn second wave subsiding, the elevated
level of infections as well as the
to drive premium growth Covid related claims in reimburse-ment claims are keeping
The health portfolio of general and FY22 worth Rs. 16,000 insurers on tenter-hooks.
standalone health insurers is driving the
premium growth of non-life insurers. In crore so far
the April-July period of FY22, the health General and health insurers have re- Health cover costs to rise
portfolio has grown 34.2 per cent, ceived almost 1.4 times the number of for retired bankers
which is significantly higher than the Covid-related health claims so far in Retired public sector banks' staff will see
9.9 per cent growth seen in the same FY22 than what they had received in their group mediclaim premium
period last year. entire FY21.
increase by as much as 40% following
While retail health grew by 24.8 per According to General Insurance Coun- an increase in the claims ratio. The
cent, group health recorded a 23 per cil data, in FY22, as of August 27, they Indian Banks' Association (IBA) has
cent rise in the April-July period. Not- have received more than 1.42 million communicated to its members that it
withstanding the growth in health pre- claims, worth Rs 15,956 crore. Insur- has received the revised quotes,
miums, insurers have seen elevated ers have settled almost 85 per cent of following a request for proposals floated
levels of Covid claims in the first three the claims they have received this by the bank's body.
months of the financial year due to the year.
second wave of the pandemic. So far, they have settled 1.17 million "High incurred claim ratio of 147.2% for

In FY22, as of August 6, general and claims worth Rs 10,397 crore. In com- retirees without domiciliary policy and
standalone health insurers have re- parison, in FY21, insurers had received 163.3% for retirees with domiciliary
ceived 1.3 million Covid claims worth 986,366 covid claims, worth Rs 14, 560 policy (as on July 31, 2021) have resulted
Rs 14,660 crore, of which they have crore and settled 849,034. in the increase in premiums for renewal
settled 1.04 million claims worth Rs In FY21, they paid out claims to the of policies compared to last year," the
9,990 crore. In FY21, insurers had re- tune of Rs 7,833 crore. Since the on- IBA said. Kolkata-based National
ceived 986,366 Covid claims worth Rs set of the pandemic, insurers have re- Insurance Company is understood to
14,560 crore. ceived 2.4 million claims amounting to have continued with the account.
The motor segment, which was the Rs 30,516 crore, of which they have Domiciliary cover refers to the extension
largest business for the general insur- settled more than 2 million claims shell- of the policy to cover treatment at
ers, grew 4.8 per cent against a 19.4 ing out Rs 18,230 crore. home.
per cent drop in year-to-date in July The general insurance industry has For retired bank officers, the premium
FY21. The increase can be attributed seen its profits plummet due to the for Rs 4 lakh cover without domiciliary
to the continued higher sales wit- mounting covid claims. Although the has gone up 34% to Rs 36,652 from Rs
nessed in July 2021. claims burden has come down with the 27,342. For retired workmen, the cost

The Insurance Times, October 2021 13