As coronavirus cases surge in several countries, regulator Ildai offers insurers discounts on general and health policy renewals for policyholders who have received three doses of the COVID-19 vaccine requested to consider applying
India’s Insurance Regulatory and Development Authority (Irdai) has also asked both life and non-life insurers to settle COVID-related claims as soon as possible and reduce paperwork, the sources said.
At a conference to raise awareness about COVID-19 last week, sources stressed the need for insurers to offer incentives to policyholders to undergo RT-PCR testing through health networks.
We have asked insurers to encourage COVID-appropriate behavior through social media outreach.
Regarding international travel insurance, Irdai has asked underwriters of such insurance to disseminate information about COVID testing requirements in various countries.
Regulators have also urged insurers to ensure that specialty hospitals are barred from accepting deposits for COVID-19 hospitalizations, sources said, with some hospitals offering cash He added that he indulged in demanding deposits for COVID treatment during the first and second waves despite having a response policy.
Insurers should prepare for worst-case scenarios and create a war room for COVID-related assistance to all stakeholders. Regulators added that the industry must report data in a consistent format to avoid discrepancies.
Meanwhile, insurers have asked regulators to consider standardizing treatment protocols to minimize fraud incidents.
In its annual report released last week, Irdai said that by March 2022 more than 2.25 million COVID-related death claims had been settled by insurers.
In addition, property and casualty insurers and independent health insurers said they had received a huge number of claims related to COVID treatments, which the industry had processed “very efficiently” and settled claims worth Rs 25 crore.
According to the data in the report, a total of 26,54,001 health insurance claims were resolved.
Insurers have settled over 2.25 million death claims due to the pandemic, paying out Rs 1,726.9 billion on claims till 31 March 2022.
(This article is not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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