New Delhi: Over 2.25 lakh loss of life claims as a result of Covid-19 pandemic have been settled by insurance coverage firms as much as March 2022, the Insurance coverage Regulatory and Improvement Authority of India (Irdai) stated in its annual report launched on Thursday. It additional stated the final insurers and stand-alone well being insurers acquired an enormous variety of Covid therapy associated claims which the business dealt with “fairly effectively” and settled claims approximating to Rs 25,000 crore.

As per the info within the report, a complete of 26,54,001 medical insurance claims have been settled. Irdai stated insurance coverage firms settled over 2.25 lakh loss of life claims on account the pandemic and paid Rs 17,269 crore in direction of claims as much as March 31, 2022. The life insurance coverage business paid advantages of Rs 5.02 lakh crore in 2021-22, which constitutes 73.1 per cent of the online premium. LIC accounted for 70.39 per cent of complete advantages paid and personal insurers the remaining 29.61 per cent.

“In case of particular person life insurance coverage enterprise, the life business’s loss of life declare settlement ratio elevated to 98.64 per cent in 2021-22 from 98.39 per cent within the earlier yr and the repudiation/rejection ratio decreased to 1.02 per cent from 1.14 per cent,” the report stated.

Basic and well being insurers settled 2.19 crore medical insurance claims and paid Rs 69,498 crore in direction of settlement of the claims. The typical quantity paid per declare was Rs 31,804.

The web incurred claims of the final insurers stood at Rs 1.41 lakh crore in 2021-22 as in opposition to Rs 1.12 lakh crore in 2020-21, a rise of about 26 per cent.