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Insurance
20-Jul-21
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HDFC Life Insurance hikes second wave claims provisions by Rs 700 crores
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HDFC Life Insurance has set aside an additional Rs 700 crore to meet death claims arising out of the second wave of the pandemic and which are yet to be reported. This is in addition to the Rs 165 crore it had provided earlier. The private life insurer has said that claims under the second wave have been three to four times those received in the first wave of the pandemic.
Addressing the annual general meeting of HDFC Life Insurance, chairman Deepak Parekh said, “It might appear that the second wave has peaked, but the country has already lost four lakh precious lives.” He added that while the country cannot afford to let down its guard, the impact of the second wave of the pandemic on India's economy is expected to be milder and largely restricted to the June quarter.
According to Parekh, the pandemic has heightened consumer awareness of life insurance. “The government move to hike foreign investment in insurance to 74% is also positive for the sector from a long-term perspective,” he said.
Announcing the results, the company's MD & CEO Vibha Padalkar said that the insurer witnessed a steep rise in death claims during the first quarter. “We paid over 70,000 claims in Q1. The gross and net claims provided for amounted to Rs 1,598 crore and Rs 956 crore respectively. Based on our current claims experience, we have set up an additional reserve of Rs 700 crore to service the claims intimations expected to be received,” she said.
Parekh said that the company continues to engage with the regulator to hold life insurance accountable towards only one parameter, the expense management limit, rather than have numerous rules over what they can or cannot invest or spend on. In FY21, the company had settled over 2.9 lakh death claims, which resulted in payout of over Rs 3,000 crore.
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