Rising Covid, non-Covid claims a double whammy for general, health insurers

Insurers said while the situation had been manageable so far, going ahead, it would be a cause for concern

General insurers and standalone health insurers are facing a double whammy. With exponential rise in coronavirus-positive cases, reported Covid claims have topped 200,000, worth over Rs 3,000 crore, and are set to rise further as cases explode. Furthermore, non-Covid claims, which were muted in the initial months of the pandemic, have also picked up pace and are more or less at pre-Covid levels.

Although insurers feel loss ratios in the health segment may get impacted, and profitability will take a hit, capital erosion will not take place, at least for the large entities.

“Non-Covid health claims are more or less