Synopsis
Life insurers paid out covid-related claims worth Rs 1,986 crore in 2020-21. In 2019-20—a normal year—aggregate death claims paid by life insurers stood at Rs 18,042 crore. The total death claims paid for in 2020-21 are not known yet, but numbers reported by individual insurers reveal a lot.
The insurance industry is battling on multiple fronts. Life insurers have seen a spike in claims due to surging covid deaths. Introduction of optional tax regime and tax on high-value Ulips are also negatives. Health insurers are facing a barrage of claims while motor insurance premiums have been hit amid lockdowns. Can insurance stocks face the music?
Life insurers paid out covid-related claims worth Rs 1,986 crore in 2020-21. In 2019-20—a
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