Covid-19: pandemic-related costs for Indian life insurers

According to the Insurance Regulatory and Development Authority of India (IRDAI), life insurers have settled 227 268 claims related to Covid-19 since the beginning of the health crisis in March 2020. The total cost of the pandemic amounts to 173.62 billion INR (2.24 billion USD).

The state-owned Life Insurance Corporation of India (LIC) alone has compensated 40.7% of the claims, that is 92 536 files, which stands for 31.77 billion INR (410.15 million USD).

The 134 732 remaining claims, that is 141.85 billion INR (1.83 billion USD), have been settled by the 23 private stakeholders of the Indian life market including ICICI Prudential, SBI Life, HDFC Life and Max Life.