Insurers settle Rs 9K cr Covid claims, says IRDAI chief
Indian insurance industry has recovered from the negative growth caused by the Corona virus disruptions, and has already settled Covid-19 pandemic related claims worth of Rs 9,000 crore, said Subhash Chandra Khuntia, Chairman, IRDAI.
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Pune, Feb 27 Indian insurance industry has recovered from the negative growth caused by the Corona virus disruptions, and has already settled Covid-19 pandemic related claims worth of Rs 9,000 crore, said Subhash Chandra Khuntia, Chairman, IRDAI.
He was addressing a webinar on the theme of 'Navigating Uncertainty: Insight-Driven Innovation' organized by National Insurance Academy, in association with Swiss Re, on Friday
The domestic general insurance industry has made Covid-19 pandemic related claim payments amounting Rs 7,136 crores, while the life industry has paid such claims amounting to Rs 1,242 crore until now. Also, for the Corona specific products, total claim settled so far is around Rs 700 crore, he said.
The insurance industry which had shown a negative growth, since the onset of Covid-19 pandemic in the beginning of FY 2021, has already recorded five per cent of positive growth and will further recover in days ahead, he said.
SN Rajeshwari, CMD, Oriental Insurance Company, emphasized that as the Insurance industry is managing huge amount of data, it can come out with more data driven products and innovation with the help of real time data, which can help in developing personalized and tailor-made products.
She said that the Machine Learning in claim registration and settlement will allow an end-to-end automation of insurance processes.
Hadi Riachi, CEO, Swiss Re India Branch said the Insurance industry sees a paradigm shift with rapid digitalisation.
G Srinivasan, director, NIA, said that today, the risks are becoming quite complex and they need innovative solutions
