Average Claims size for Covid policies declines
As the demand for Covid-19 specific Insurance policies is increasing, the average claim size has been decreasing, according to health insurers. “The Industry has seen a substantial increase in Corona-specific claims, both in general as well as Corona-specific claims,” Pankaj Arora, Managing Director and CEO, Raheja QBE General Insurance, said. Even though there has been a slowdown in the number of new Covid-19 cases in recent weeks, data from many States show that the spread of the pandemic still remains largely unabated, leading to a rush for insurance. The pandemic has changed the mindset of the people towards health insurance. “We are seeing an uptick of 30 per cent to 40 per cent in the health insurance business, especially from millennials and women who understand the significance of health insurance now and are coming forward to buy it,” said Arora. There has also been good interest and a marginal increase in sales for the Corona Kavach policy. “As per our data, the average claim size in Corona-specific covers is hovering around Rs. 2 lakh,” he said. The data from Bajaj Allianz General Insurance also shows that the average claim size is close to Rs. 1.02 lakh.Non-Covid claims, however, show a mixed trend of showdown for some insurers while they begin to gain traction for others. “In general, health insurance claims for planned treatment have seen some deferment and will flow once the pandemic situation improves,” said Arora.
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