Health insurance claims from COVID-19 are rapidly growing and as at end of September 2020 they were 40% of the total claims of the Indian general insurers.
COVID-19 claims have been steadily increasing from 8% in May 2020 to 23% in July 2020 to 34% in August 2020 and now 40% in September 2020. As cases rise and reliance on private healthcare increases these are likely to rise further.
Policybazaar.com business head health Amit Chhabra told Indian daily The Times of India, “This is scary — COVID claims now nearly form half of total health industry claims. One must remember that non-COVID claims have also been increasing. “
Mr Chhabra said, “In March and April when the lockdown was severely enforced, we saw people postponing planned surgeries like a cataract operation or knee-cap surgery. But in September, non-COVID claims rose because of the pile-up; caused by people postponing necessary treatment in the first half of the lockdown.”
Industry analysts are concerned that the rising COVID claims could put more pressure on the books of general insurers, particularly the three public sector general insurers.