Weekly Insurance Round-up | Tuesday, August 17, 2021
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Super excited to be back with the latest edition of Beshak’s Weekly News Round-up, a deep analysis of all the important insurance news articles from across the country! 🤓
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- 20% rise in lung cancer cases post lockdown 🔒
- Increase in post- Covid complications in India.🦠
- Heart Diseases On the Rise In Young Indians 💔
- 10,703 Cr. Covid claim pending even post IRDAI directive 💸
- Life Claims of Flood Victims to be settled quickly: IRDAI 🌊
- Covid claims make up 48% of total claims in June quarter 📈
- Another OPD startup, Kenko Health Raises $1.7 Million 🤑
- 19% increase in gross direct premium of Non-Life Insurers⚡
- A 20% surge in the number of lung cancer patients was witnessed post lockdown at Amrita Hospital,Kerala; Out of these, 50% of these were advanced stage cases.
- It was observed by the doctors of the hospital that 70% of these people did not visit the hospital even though they had active symptoms like cough and breathing issues in the fear of contracting a Covid19 infection.
- Chief of interventional pulmonology at the hospital, Dr Tinku Joseph K. stated that - during lockdown the lung cancer detection were reduced notably. However, post the lockdown was lifted they've seen a surge in number of patients visiting the OPD.
- 27% of lung cancer cases had tobacco consumption as the main cause, as per the National Cancer Registry of India.
- According to Dr Wesley M. Jose, clinical associate professor, Department of Medical Oncology and Hematology, AIMS - the absence of a reliable lung screening program during Covid, made it worse for the lung cancer patients. Dr Wesley feels that there is an urgent need for a structured lung cancer programme.
Source: The New Indian Express
- Delhi hospitals have seen an increase in patients with post-Covid complications as reported by ANI.
- Dr M. Wali of Ram Manohar Lohia Hospital confirms that he has been observing 5-6 cases daily and these cases are from the first wave and the second wave. Patients come with complications like muscle cramps, nausea, fatigue, excessive hair fall, brain fog, palpitation. Further, cardiac problems and visual impairment are seen in many.
- Hospitals need more beds and not ICUs as the majority of the patients are complaining about breathlessness. Oxygen arrangements are also being made in the hospitals, added Dr. Wali.
- India has reported 41,195 fresh Covid-19 cases and 490 deaths in the past 24 hours as per the data released by the Union Health Ministry on Thursday.
- Vaccinations are being carried out effectively across the country and door-to-door vaccination drives have also been started in a few states.
Source: Republic World
- According to a study published in the Journal of Clinical & Diagnostic Research, it was found that in India the Coronary Artery Disease (CAD) strikes at a younger age, with more than half of all cardiovascular disease (CVD) deaths happening in those under the age of 50.
- Dr. Tilak Suvarna, senior interventional cardiologist, Asian Heart Institute, Mumbai States that Indians get a heart attack -8-10 years earlier than the others across the world, and 40% of people in India who get heart attacks are below 55 years of age.
- Following are certain risk factors which increase the risk of heart disease in young Indians.
- Family History
- Familial Hyperlipidemia
- A Sedentary Lifestyle
- Other risk factors include the following:
- Diabetes Mellitus
Source: The Health Site
- The Delhi High Court and IRDAI have directed insurers to settle Covid claims within an hour of discharge. Even after this directive, as on 6th August 2021, 3.06 Lakh Covid Claims which amount to ₹10,703 crore are pending with insurers.
- As on 6th August 2021 out of the total 23.06 lakh claims worth ₹29,341 Cr., insurers have settled only 18.99 Lakh claims worth ₹17,813 Cr. (60.71% of amount settled).
- The rise in Covid claims have impacted insurers to such an extent that some of them were forced to stop issuing COVID-specific health policies for some time. The steep rise in death claims have also left the life insurers in a fix, leading them to slow down on term insurance policies.
- A framework was laid down by the General Insurance Council seeking the cooperation of hospitals in implementing the directive, asking them to submit all the documents pertaining to the patient in one go. Hospitals were also advised to ensure that billing is done on pre-agreed rates, and were asked to provide justification with supporting documents, for treatments involving co-morbidities.
- Digit Insurance Chairman Kamesh Goyal, was of the opinion the hospitalisation costs have gone up to 8% in May 2021 as compared to 6% in Jan 2021. He added that families should be made aware of the right sum insured they will need, as healthcare expenses rise rapidly.
Source: The Indian Express
- Calling for a quick and timely claim settlement for flood victims, IRDAI in its circular has asked insurers to appoint a senior level officer as a nodal officer for the state, for coordinating and expediting such claims.
- Further, every affected district will have a nodal officer, who will communicate with the district administration and intimate the contact details of all nodal officers designated to the Authority.
- For faster filing of the claims, insurers are asked to announce the details of the appointed officers as well as details of any special camps via media and through state government. Further, they are to start 24x7 helplines to assist the victims.
- IRDAI has asked insurance companies to simplify the process and offer relaxation of usual requirements wherever possible.
- For death claims, the process followed for Chennai floods in 2015 will be considered. This is relevant for cases where a death certificate cannot be obtained due to non-recovery of the body.
- Insurers are further advised to motivate the policyholders/claimants for using e-modes wherever possible, so as to limit direct or indirect social contact.
- The circular also mentioned that special attention should be paid to PMJJBY claims.
- The Covid19 pandemic has claimed a lot of lives and with the second wave hitting India the lives lost has only increased drastically.
- Amit Chabra of Policybazaar opined that experts are anticipating a third wave in upcoming months, and because of this it is important that we take precautions both personally and financially.
- Covid claims accounted for 33% of total claims from April to August 2020. This reduced to 31% between September and December, but again rose to 48% in the first quarter of the current fiscal year. (April-May-June 2021)
- Decrease in other ailments during the lockdown is one of the factors contributing to the increase in the percentage of Covid claims.
- Purchasing an insurance policy for people who had contracted the disease earlier is also getting difficult as they have to wait until they fully recover from the illness.
- Before issuing the policy the insurer will have to make sure that the condition of the applicant has improved, and there is no major risk - even if it won't affect the health insurance premiums.
- With the possibility of the third wave, it is mandatory that people have a good health insurance policy which covers major expenses caused due to uncertain events. It is better to take a health insurance policy as soon as possible.
- Kenko Health, a Health Insurtech company has raised $1.7Million as a part of their Pre-series A round with BEENEXT and Orios as co-lead investors.
- With the investment amount, Kenko’s prime focus will be on product development, especially in the OPD space and expanding the core team.
- Kenko believes in covering all health care expenses and provides comprehensive plans focused on OPD and as a part of their membership benefit. They also provide In-patient coverage for all their subscribers through an insurance company.
- Kenko ensures that the claims are paid without deductions and in-advance before the hospitalisation
- Kenko Cofounder Aniruddha Sen states that they are sure of giving India’s health insurtech industry, a much-needed digital makeover and intend to create a unique system for customers where they will receive the treatment cost to their account even before the treatment commences .
- They are aiming to add 20K users to their programme this year, and another 100K next year.
- During the Covid19 pandemic, the demand for health insurance has increased dramatically, and Kenko is focused on this growing market to build a robust healthcare system in the country.
- Compared to July 2020, 19% increase in premium collection was reported in July 2021, as per the data released by IRDAI.
- Further, 25 general insurers reported a 17% increase in their gross domestic premium, where the premium worth increased from ₹14,003.81 Cr. in July 2020 to ₹16,469.20 Cr. in July 2021.
- An increase of 27% was reported by the five standalone health insurers where the premium worth increased from ₹1,374.82 crore to ₹1,752.76 crore as compared to last year.
- A 29% increase was reported in PSU insurers, Agricultural Insurance Company of India Ltd. and ECGC Limited cumulatively.
- The report states that - if there is a reemergence of Covid-19 claims, then the loss ratio may increase impacting the financials of the non-life insurers.
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