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India Business News: Huge variations in the prices of Remdesivir — a crucial drug in the treatment of severe cases of Covid — have resulted in a large increase in insuranc
Insurers could face billions of dollars in fresh Covid-19 claims SECTIONS Share Synopsis As per data compiled by the General Insurance Council (GIC) and seen by ET, the insurance industry has registered 10.07 lakh (1 million) coronavirus claims worth ₹14,738 crore (~$2 billion) until April 7, 2021. Of these, insurers have settled 8.6 lakh claims worth ₹7,907 crore, GIC data showed. Agencies According to industry experts, the data is yet to reflect the sharp spike in cases since the onset of the second wave as new hospitalisations lag registered claims by two to three weeks. India’...
Updated: Share Article AAA A rising demand for health covers evident since COVID-19 outbreak seems to have come as a booster shot for non-life insurers as they posted a 5.20% increase in gross direct premium underwritten for 2020-21. Comprising general insurers (all of whom deal in health insurance too); standalone health insurers; and the two specialised PSU insurers (ECGC and Agricultural Insurance Company of India) the non-life segment reported ₹1,98,734.68 crore gross direct premium underwritten. For 2019-20, it totalled ₹1,88,916.61 crore. Flash figures (provisional and unaudited),...
Health insurance with Rs 1 crore cover sees 35% growth amid Covid-19 fear Data available from Policybazaar shows the penetration of such policies has grown from 2 per cent to 35 per cent between 2019 and now According to Policybazaar, policies by Max Bupa, Care Health Insurance and Aditya Birla Capital have received good traction Covid-induced awareness around health insurance has led to an increase in sales of high-value policies which offer coverage up to Rs 1 crore. Data available from Policybazaar shows the penetration of such policies has grown from 2 per cent to 35 per cent between 20...
Max Bupa Health Insurance on Tuesday said it is eyeing business of Rs 250 crore in Punjab, Haryana and Chandigarh in the next five years. It also plans to add 12,500 agents in these two states and union territory in five years. "We are strengthening our presence in Punjab, Haryana and Chandigarh," the company's Director - Retail Sales Ankur Kharbanda said here. "In the next five years, we plan to do a business of Rs 150 crore in Punjab and Chandigarh and Rs 100 crore in Haryana," he said on the firm's premium collection target. "As we expand to newer markets in north India, our plan is t...