INCREASE IN THE NUMBER OF MEDI-CLAIM DUE TO COVID-19 AND ITS IMPACTS

Abstract

The COVID-19 crisis continues to have an influence on individuals, society, business, and the global economy. The insurance business has not been spared; insurers have reacted fast to the crisis. Insurers will confront a variety of hurdles while the broader economy recovers and responds to the epidemic, but they will also find numerous new opportunities in the medium to long term. The impact on health insurers will vary due to the broad variety of health systems around the world. In Ireland, for example, the government has ordered those private medical resources be shifted to help with the COVID-19 outbreak, while private health practitioners in other nations have offered to help. The Pradhan Mantri Garib Kalyan Yojana / Program in India is an Rs 1.70 lakh crore-assistance package for India's poor people to help them battle the Corona Virus. This initiative was launched in March 2020 with the purpose of providing food and money to the lowest of the poor so that they do not have difficulty obtaining basic supplies and meeting their basic needs. In addition, the health insurance sector has been completely digitalized for the purchase and renewal of health insurance plans on the insurer's official website. The sale of health insurance policies has risen considerably in recent years as consumers have realised the need of having financial backup in the event of a medical emergency. Even in times of economic hardship for businesses, the health insurance industry has persevered and grown to meet the needs of clients and global trends. In this project, I have tried to assess the impact of Covid-19 on the insurance sector/Industry in India and how all companies are performing in the market. I also tried to find out what all factors are affecting the insurance claims and how the companies can do the prediction and become more profitable in the future.