Executives in insurance firms told FE, claims from semi-urban and rural areas in Maharashtra have been on the rise.
The value of insurance claims from patients infected with novel coronavirus, across India, has hit Rs 2,040 crore, with the number of claims having risen to1.29 lakh. As on August 19, insurers have settled over 81,000 claims amounting to Rs 780 crore.
Executives in insurance firms told FE, claims from semi-urban and rural areas in Maharashtra have been on the rise. Data from the General Insurance council shows insurers have received over 54,000 claims from Maharashtra amounting to Rs 700 crore; Tamil Nadu and Delhi have reported around 15,500 and 11,200 claims, respectively.
“In Maharashtra we have seen claims from places like Nashik and Solapur in the past few days. Earlier we were seeing claims from urban areas like Mumbai, Thane and Pune,” a senior officer from a leading insurance company said. As on August 19, Mumbai has seen 17,300 claims while those from Nashik and Solapur numbered 1,281 and 1,170 respectively.
Insurers believe the claims will continue to rise until there is a vaccine to prevent and cure the infection. The average ticket size for a novel Coronavirus claim is around Rs 1.5 lakh in urban areas and around Rs 50,000-75,000 in semi urban or rural areas. Where the condition of the patient is serious and he has been admitted to the intensive care unit (ICU) the claims are in the range of Rs 6-8 lakh.
The current pandemic has led to many investors buying health insurance covers in the past few months. Data from Insurance Regulatory and Development Authority of India (Irdai) shows that between April and July, health insurance premiums amounted to Rs 18,415.52 crore compared to Rs 16,674.72 crore in same period last year, a growth of 10.44%. Health is now the biggest segment in the non-life insurance industry in terms of premium followed by motor insurance.