Health insurance companies have to now communicate their cashless approvals to the hospitals within 60 minutes of receipt of authorisation request along with all necessary requirements from the hospital so that there is no delay in discharge of patients and hospital beds do not remain occupied unnecessarily. The Delhi High Court directed insurance companies and third-party administrators (TPAs) to ensure that the time taken to grant cashless approval be reduced as there were long queues of people waiting for beds because of the massive rise in the number of Covid positive patients.
With the number of Covid-19 health insurance claims rising, most private insurers have opted for in-house claims settlement. In-house claims processing has quicker turnaround time and the company’s team is more empathetic towards customers. These teams can directly explain to them about expenses not covered under the policy and grievances can be redressed quickly.
Embedded Value: Life & health insurance more critical today
Death due to Covid is covered under any life insurance policy while Covid patients are fully covered by any standard health insurance policy Even though instruments are available in the market to safeguard one’s financial interest in such devastating situations, people hardly bother to ever consider such products or options. The pandemic has taught a lesson that adequate insurance protection for both life and health of individuals is the most significant of the protections that one needs to provide for against the worst of the scenarios. Therefore insurance is often considered a necessity next only to bread, clothes and shelter.
Insurance scheme for frontline health workers extended for six months
The central government should work in close coordination with the states to ensure that the poor get the benefits of free food-grain without any issues, the statement quoting Modi said.
General Insurance: Premium growth at 7% in FY21 due to retail health, fireShare of retail health in overall general insurance premiums (ex-crop) increased to 16% in FY21 from 13% over FY2018-20
Motor premiums declined 2% y-o-y for FY21 due to weakness in new vehicle sales during H1FY21 and lower freight volumes due to lockdown-related disruptions delaying renewals. We expect motor premiums to report modest growth in FY22 on the low base of FY21 though premium growth remains contingent on increase in auto sales (on a low base), any likely disruption in mobility due to the second wave and hike in motor third-party (TP) premiums (flat since FY20).
Growth in the fire segment was strong at 27% y-o-y in FY21 (up 35% y-o-y in FY20), but tepid at 8% y-o-y in March 2021 (flat y-o-y in February 2021). Growth in nine months of FY21 at 33% y-o-y was due to price hikes incurred post January 2020 due to the rise in reinsurance rates.