With different parts of India reporting Covid cases, the country’s general insurers feel they are now better prepared to process claims if any surge in the cases happens.
General insurance companies said that they have not seen any unusual patterns in hospitalisation so far. However, some of the insurers are considering setting aside additional provisions for Covid claims at the end of the first quarter this fiscal if there is a major surge in cases.
“During the Covid-19 first wave, the general insurance industry was not prepared as we had no prior experience. We had processed claims during the lockdowns. Taking from that point of time in 2020, we as an organisation are much, much prepared now. If any surge in Covid cases happens, we as an insurance company are fully prepared to support our policyholders in processing of claims,” said Parthanil Ghosh, Executive Director, HDFC ERGO General Insurance.
“This year there has been untimely rains across the country. In some States, there has been flood like situation due to heavy rains. In the aftermath of rains, several parts of the country are witnessing a rise in viral fever and other related infections. But, as of now, we have not seen any unusual pattern in hospitalisation,” Ghosh told businessline.
With Southeast Asian countries witnessing a surge in fresh Covid-19 cases over the past few weeks, India currently has over 250 active cases in various parts, most of which are mild.
Kerala has reported the highest number of infections, followed by Maharashtra and Tamil Nadu. A fresh Covid-19 case was detected in Odisha this week after two-and-a-half years.
“At present new Omicron sub-variants, particularly JN.1, are causing an increase in Covid-19 cases. As these sub-variants are mild, symptoms of people with Covid are milder as of now. So, a very few infected people are getting hospitalised. We are equipped to handle any large-scale infectious disease claims,” said Bhaskar Nerurkar, Head-Health Administration Team, Bajaj Allianz General Insurance.
“We do expect a spike in infectious disease during the monsoon. Insurance industry is equipped to handle surge in the infectious disease claim during the monsoon season. In my claims book, there is no single Covid claim during the month of May so far,” Nerurkar told businessline.
Right now fresh Covid cases have not reached an alarming level, said T Babu Paul, General Manager, National Insurance Company. “Southwest monsoon is likely to enter in a week’s time. During rainy season generally respiratory ailments go up. So far we have not seen any alarming increase in claims. TPAs (Third Party Administrators) will be asked to monitor claims very closely,” Paul added.