Page 15 - Insurance Times November 2020

The NCDC fund would give a boost to two to three months after the onset Experts say claims intimated in Sep-
provision of healthcare services by co- of the Covid-19, 64% of patients suf- tember were close to 50 per cent of
operatives, NCDC Managing Director fered persistent breathlessness and total claims since the start of the pan-
Sundeep Nayak said. 55% reported significant fatigue. MRI demic. From October, there seems to
In a statement, the government said scans showed abnormalities in the be some tapering off.
any cooperative society with suitable lungs of 60% of the Covid-19 patients, "Claims have risen in line with the rise
provision in its byelaws to undertake in the kidneys of 29%, in the hearts of in cases. In August and September,
healthcare related activities would be 26% and the livers of 10%. The study Covid claims had peaked," said a pri-
able to access the NCDC fund. The has not been peer-reviewed. vate sector insurance executive.
NCDC assistance will flow either This is a cause for concern for insurers.
through the state governments or di- Vision loss cases in India The cost of treatment for Covid is also
rectly to the eligible cooperatives. Sub- surge to 138 million
sidy/ grant from other sources can be higher than it is for infectious diseases,
he added.
dovetailed. Increased life expectancy and a high
diabetes burden has increased the "The number of claims should taper
After the virtual launch, the minister
number of Indians with eyesight issues. off," said a chief executive officer (CEO)
said, "The ongoing pandemic has Cases of near vision loss have more
brought into focus the requirement of of a private insurer.
than doubled in the country - from 57.7
creation of more facilities. The NCDC's "Loss ratios of insurers will get im-
scheme will be a step towards million in 1990 to 137.6 million in 2020, pacted. While they have sold Covid-
according to new data provided by two
strengthening farmers welfare activi- specific policies, traditional Mediclaim
ties by the central government." The international bodies. or group health policies were never
NCDC would extend term loans of Rs Near vision loss means inability to fo- priced in for Covid. These will take a
10,000 crore to prospective in the cus on nearby objects - it's also called greater hit. Standalone health compa-
coming years under the scheme, which presbyopia - and sets in from the mid- nies, therefore, have a bigger chal-
would revolutionize the way 40s. In a new data analysis which took lenge," he added.
healthcare delivery takes place in ru- six to seven years to compile, the Vi-
ral areas, an official statement quoted sion Loss Expert Group (VLEG) and the ICICI Lombard launches
the Minister. International Agency for the Preven-
tion of Blindness (IAPB) found that new health insurance poli-
Patients can have Covid there were 507 million cases of near cies
vision loss in the world, with 137.6
symptoms for months million of them in India. ICICI Lombard in partnership with

More than half of Covid-19 patients Freepaycard, an online pre-paid card
discharged from hospital still experi- Health insurers see spike trading platform, has launched three
new health insurance policies.
enced symptoms of breathlessness,
fatigue, anxiety and depression for two in Covid insurance claims The new bite-sized insurance policies
to three months after their initial in- Insurers have seen a huge surge in allow Freepaycard members to receive
fection, according to the findings of a Covid claims in the past few months, an assured amount in case of any in-
small UK study. with the number of reported claims jury or hospitalization for treatment.
The research, led by scientists at Ox- surpassing 475,000, amounting to Rs. The insurance offering is a customized
ford University, looked at the long- 7,313 crore as of October 27. Over hospitalization product that comes in
term impact of Covid-19 in 58 patients. 325,000 claims worth Rs. 3,146 crore three variants - Hospital Daily Cash
It found that some patients have ab- have been settled by insurance compa- Benefit, Death Benefit, and Special
normalities in multiple organs after nies so far. Vector-borne Disease-related Hospital-
being infected and that persistent in- At the end of July, only 81,000 Covid ization Benefit.
flammation caused problems for some claims were filed with insurers. August The Hospital Daily Cash Benefit will let
for months. and September however, saw a huge customers avail sum insured up to Rs
The Oxford study's results showed that rise in claims. 60,000 (£615) for a maximum period

The Insurance Times, November 2020 15