Who gained the most from COVID-19?
By Ishika Sahni
Health insurance is being a quickly growing business segment in the general insurance sector. Due to the COVID-19 pandemic, there is a surge in the number of claims that is a cause of concern of insurers.
By corona, specific products insurers have earned Rs.450 crore revenue and settled a huge claim by paying Rs 1,430 crore. On Thursday a virtual summit was held and the fact was revealed by the Insurance Regulatory and Development Authority of India (Irdai) Chairman S C Khuntia. Life insurance claims related COVID19 are being settled by insurance within a week.
The insurance regulators will introduce high risk-based solvency margin for insurers in the coming years. The sector has also witnessed a positive growth of 2.4 per cent between April and August. Khuntia asked all general insurance companies to ensure renewal of policies and repeat purchases for one year time period. This can work as an indicator between you and your customer relationship. Irdai is also working on term insurance and standard products for insurance.