Spread Covid awareness: IRDAI to insurers

Spread Covid awareness: IRDAI to insurers

IRDAI  has asked insurance companies to reach out to people to increase awareness, given the resurgence of coronavirus in some parts of the world.
Insurance companies said that the regulator had asked them to run campaigns to communicate the importance of precautionary measures like wearing masks and getting vaccinated. IRDAI has also asked companies to push sales of health insurance plans, including the ‘Corona Kavach’, which was designed to cover the risk of Covid infection.

Last financial year, life insurers settled nearly 2.3 lakh death claims arising out of Covid in FY22 by paying out Rs 17,269 crore, and health insurers paid Rs 24,362 crore towards 26.5 lakh Covid claims. Overall in health insurance, companies received 2.4 crore claims for Rs 93,840 crore during the year. Of this, they paid out 2.2 crore claims for Rs 69,498 crore. They disallowed 15% of the claims as per the terms of the policy and repudiated 9% of the claims by value.

Industry persons said that the regulator had reached out to insurance companies and intermediaries. “This is only to increase awareness. There is no indication either from the companies or the government that the number of cases is going up,” said a senior executive in the non-life company.


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