Kovid-19 second wave impacting the insurers

Some Hospitals are denying cashless insurance facilities for treatment of covid-19 positive patients.
Finance Minister Nirmila Sitharaman spoke to the regulatory body, IRDAI chairman Subhash Chandra Khuntia on Thursday, and directed him to take immediate action upon such complaints by insurance companies. She affirmed that hospitals which are in arrangement with insures for providing cashless facilities are obligated tp provide cashless treatment for all treatments, including the covid-19 ones.
So after meeting with FM Sitharaman on Mr. Khuntia also hospitals to not differentiate patients, in regards to admission or treatment. He also asked insurers to expedite the process of settling claims on a cashless basis for Covid-19 treatment.
The second wave of COVID-19 has put further pressure on insurance companies, & insurers may take a call on premium rates depending upon the evolving situation.
Meanwhile, an analyst said there could be premium increase of up t 25 per cent in the sector if the cronavirus cases rise more than expected.
The general insurance industry is also hoping for an increase in third party motor insurance rates for 2021-22. The rates are notified by the insurance Regulatory and Development Authority of India (IRDAI) on an annual basis and had not been changed last year due to the Covid-19 panademic. The new rates for 2021-22 are yet to be notified by IRDAI.