Reflecting the increase in cases, Covid-related health insurance claims have exceeded £ 23bn for non-life insurers.
However, the average length of hospitalization and the number of accidents have dropped in the second wave of the pandemic, compared to the first wave last year.
Data from the General Insurance Council (GIC) reveals that insurers had received 15.32 lakhs of Covid-related claims on May 20 worth £ 23,715 million.
Of this, $ 12.59 million worth $ 12,133 million has been settled.
The data revealed that approximately 1.13 lakh patients who had filed claims were still in treatment, while 22,461 had died. The remaining 13.96 lakh have been discharged.
The insurers said the average claim size is now less, at approximately 95,000 ₹, compared to the previous 1.15,000 ₹ for patients hospitalized for Covid-19. The length of stay has also been reduced to about six days compared to the previous nine-day period.
“The average size of claims has decreased slightly, mainly because the length of hospitalization has dropped to about six days from the previous nine-day average. Treatment protocols are now standardized. Hospitals are also flooded with patients. and therefore they are sent to quarantine at home once they are not critical, ”said Bhaskar Nerurkar, head of health claims, Bajaj Allianz general insurance.
Another insurer said that despite the huge number of cases, both hospitals and insurers are more prepared to deal with claims this year and said updating claims is the main current goal.
“Since the IRDAI order, every effort has been made to ensure that Covid-related hospitalization claims are settled within an hour,” the insurer noted that it did not want to be named.
GIC data further revealed that among the states, Maharashtra had the highest number of covides claims at 5.51 lakh, followed by Gujarat with 1.72 lakh and Karnataka with 1.28 lakh.
Meanwhile, 1.23 lakh claims have been filed from Tamil Nadu and more than 85,000 claims have come from Delhi.