LIC to New India, pandemic claims swamp insurers. It’s time they take care of their own health, too.

LIC to New India, pandemic claims swamp insurers. It’s time they take care of their own health, too.
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Healthcare workers of Sir Ganga Ram Hospital in New Delhi attend to a patient with suspected coronavirus infection.

Synopsis

Covid-19 cases are rising, so are insurance claims. While insurers are focusing more on speeding up claims processing and cutting the time taken to give payouts, they face key challenges on multiple fronts — two months of subdued premium receipts and renewals; higher capital requirement once business regains momentum; and a rise in hospitalisation settlements after the virus outbreak is over.

The Indian insurance industry is going through a phase it has never experienced before. With the number of Covid-19 cases mounting, what’s keeping insurance companies, both life and non-life, busy is the rising number of claims. This comes even as two crucial months — March and April, when most new policyholders are roped in and renewals for the existing ones are made — have been lost to the pandemic. But like India’s doctors and healthcare
( Originally published on Jun 29, 2020 )

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