84% COVID claims got settled; average payout per claim is Rs 96k

CHENNAI: The non-life insurance industry has settled about 84 per cent of the COVID-19 claims lodged till date with the average pay out per claim being about Rs 96,000. A senior industry official preferring anonymity told IANS that the industry received a total about 11.05 lakh COVID-19 claims amounting to about Rs 15,570 crore since the pandemic broke out in India last year.

It is learnt the average amount per claim is about Rs 1,40,085, while the average payout per claim is Rs 95,777. The total payout made by the non-life insurers towards COVID-19 claims is about Rs 8,900 crore. Citing the Insurance Regulatory and Development Authority of India's (IRDAI) direction to insures to authorise cashless treatment within an hour of receiving the request with necessary papers from the hospital, the official said it is going to be a tall order to meet. Further the insurers/Third Party Administrators (TPA)-the claim processing agencies-have to communicate their decisions on the final payout within one hour of receipt of final bill from the hospital.

Firstly, the officials of Third Party Administrators (TPA) are also working from homes managing handicaps like fast net connectivity, power cuts and many of them are also affected by COVID-19, the official said.

On the issue of coming out with a package rates for treating COVID-19 patients, the official pointed out that the General Insurance Council last year published a schedule of rates for COVID-19 claims after discussions with medical professionals employed by member insurance companies. (IANS)

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