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Impact of COVID-19 on the Indian Insurance Sector

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The Indian insurance industry is, in general, well prepared for major loss events such as pandemics. However the financial implications of these events will take some time to be addressed and will be explicit for insurers. Insurance companies are reacting to the growing COVID-19 outbreak in a variety of ways, such as owners, claim payers and investment executives. Each one has its own unique challenge, not only for the insurance industry, but nonetheless for the overall economy and for the population at large.

An entire year that could have been a remarkable time in the Indian insurance industry in terms of growth in premiums is now in an industry where the harmonisation of prior year’s numbers is to be a daunting task. The three most recent months of financial year are typically the ones where the industry saw its highest collections. the insurance industry.

With the lockdown now in the final week of April the premium collections are beginning to be severely affected. The impact is huge due to the fact that the majority of cities are currently under lockdown. Because of cancellations to flights the travel insurance policy isn’t being purchased by consumers. Making new insurance policies when insurance companies have to conduct medical tests takes time and can cause delays. There is no new policies being issued for NRIs or people with a current travel records. In general the insurance industry is being impacted in many directions.

Insurance Premiums vs. Death Claim problemIn in addition to the reduction of business premiums that are new, insurance companies are contemplating a threat of increased death claims. Although the government has acted with confidence and has opted for an overall lockdown of 21 days, this is despite the deaths increasing to double-digit numbers. However, with the initial indications of community spread being evident and the scale of the nation it is impossible to take anything as a given. Insurance firms believe it’s too early to discuss the exponential growth in death claims under life insurance. If India is able to effectively control the spread, in the end there may be an impact that is less severe on claims for life insurance. When it comes to life insurance, a variety of companies will continue to honour the claims made on current policies . However, the cost of future policies will rise in the cost and the amount of policies offering full coverage may see declines,

The IRDA Clarification
Corona will be the biggest challenge that the Indian insurance sector has encountered to date. The virus is an pan-India spread and there is an extremely real risk that it will spread rapidly. The treatment for COVID-19 could require a lengthy hospitalization, which can be costly. A lot of people have some form of health insurance plan whether it’s a business or personal health insurance. However, since this virus is relatively new it is full of uncertainty as to whether corona cases are covered under the health insurance policies offered or not. To address the concerns of policy holders and to provide clarity about the protection of coronavirus insurance regulator IRDA has issued instructions for insurance firms on March 4. The IRDA law states If hospitalization is covered by insurance, the insurance companies have to make sure that instances related to COVID 19 will be swiftly dealt with.

The Road Ahead
While insurance companies are listed in the register of services exempted under the lockdown and have common limitations on movement, there’s very little chance of creating opening up new business. Insurance companies that have a strong digital infrastructures should be better than other companies if there is an increase in COVID-19 claims (as witnessed by the authorities in China in China and Italy). One of the biggest problems facing insurers is creating alternative employment arrangement for employees as well as sales force so that they can be more flexible and are able to handle rising claims, and faster responses.

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Importance of Medical Coding for Insurance

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