COVID -19 Insurance Policies

1.28 cr people covered under Covid – 19 insurance policies: IRDAI

As many as 1.28 crore lives have been covered under Covid-19 insurance policies by IRDAI in the country so far with a premium collection of over Rs 1,000 crore & IRDAI Chairman Subhash Chandra Khuntia said on Friday.

The pandemic & two corona-specific products Corona Kavach & Corona Rakshak were launched by insurers under the guidance of the (IRDAI).

The insurers also introduced coverage against COVID-19.

 

COVID -19 Insurance Policies

Under Corona Kavach & which is the standard product & 42 lakh lives have been protected & while 5.36 lakh lives have been protected through Corona Rakshak.

Corona-specific products & a total of 1.28 crore lives have been covered with a total premium of more than Rs 1,000 crore.

He was addressing a virtual conference during the annual summit of the Insurance Brokers Association of India (IBAI).

Insurance brokers under the fold of IBAI & the IRDAI chief said there is a huge opportunity for the brokers & insurers in the country after the pandemic & it has made people realize the need to get insured.

There should be more focus on tier-II -III & -IV cities now as the growth will come from these areas.

I have suggested them (brokers) that they should look at tier-II, -III, -IV towns & possibly the rural areas & because the higher economic growth will come from those areas now.

COVID -19 Insurance Policies

We are happy now that with constant efforts by the government to control the pandemic & things are now appearing better.

Hopeful for an economic revival with the falling cases of coronavirus in the country & that people are getting vaccinated.

He said huge opportunities lie in terms of insuring the small business units & properties & dwelling units & among others.

Presenting statistics related to reach of the insurance brokers in soliciting policies & he said huge opportunities lie in terms of insuring the small business units & properties & dwelling units & among others.

Presenting statistics related to reach of the insurance brokers in soliciting policies & he said the focus more is on the non-life segment by them and it has to be enhanced in life segment.

The number of active brokers right now is 482 in the country & their contribution to general insurance business is 26 per cent.
It has gone up from 22 per cent in 2017-18 to 26 per cent now. In health insurance their contribution is 23 per cent.
They have better contribution in the group health insurance business at 36 per cent & in individual health business &  it is only 4.3 per cent.
COVID -19 Insurance Policies

there is opportunity for improvement. In case of life insurance their contribution is only 1.1 per cent & so they are mostly concentrated in the non life sector.

The Irdai chairman also urged the brokers to focus on small business units that present huge growth opportunity.

The Indian non-life insurance industry has really come into its own with over Rs 1.89 lakh crore placed in premium during 2019-20, registering a growth of 10.58 per cent on a year-on-year basis.

Industry to further thrive & get to the next level of growth & it is imperative that insurance penetration grows to a level comparable to the more developed insurance markets.

Hopeful for an economic revival with the falling cases of coronavirus in the country & that people are getting vaccinated.
He said huge opportunities lie in terms of insuring the small business units & properties & dwelling units & among others.

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