The reflection of covid-19 on the health insurance industry in Kerala

Author(s)

Syama U. S.^1* & K.V. Thomas²: ¹Research Scholar at Lincoln University College, Malaysia and Assistant Professor at Marian College Kuttikkanam (Autonomous), Kerala, India; ²Professor and Head, Research and PG Department of Commere, Marian College Kuttikkanam (Autonomous), Kerala, India

Abstract

The COVID-19 pandemic has affected almost all nations in the world including India. The pandemic and resultant lockdown has had a significant impact on business all over the world. Indian economy is among the 15 economies most affected by COVID-19. The lockdown in major cities in India seriously affected the working of public establishments like restaurants, amusement parks and movie theatres and they were shut down completely leading to a huge losses in their revenues. The pandemic and lockdown have also had a major impact on health insurance sector, which is one of the largest revenue sources for the general insurance industry. This paper is a report of an empirical study of the challenges faced by private health insurance companies and the mitigation strategies to overcome the crisis created by COVID-19 pandemic.

Keywords

COVID-19; Pandemic; Health insurance; mitigation strategies

Cite this paper

Syama, U. S., Thomas, K. V. (2022), The reflection of covid-19 on the health insurance industry in Kerala, IRESPUB Journal of Humanities & Cultural Studies. Volume 2, Issue 2, Jul-Aug 2022, Page 10-17

References

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[4] https://www.ibef.org/download/insurance-jan-2019.pdf

[5] Circular Ref. No.IRDAI/HLT/REG/CIR/054/03/2020

[6] Public disclosures of financial year results of insurance companies (gicouncil.com)

[7] https://www.ibef.org/industry/healthcare-presentation

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[9] Retrieved fromhttp://www.actuariesindia.org/downloads/Analysis%20by%20IAI%20Pandemic%20Research%20Group.pdf

[10] IRDAI press release dated 23-03-2020

[11] https://economictimes.indiatimes.com/industry/banking/finance/insure/coronavirus-impact-insurers-see-marked-jump-in-inquiries-for-health-policies/articleshow/74485296.cms?from=mdr.

[12] https://www.swissre.com/media/news-releases/2018/nr20180410_sigma_global_insured_loses_highest_ever.html

[13] https://www.reinsurancene.ws/lloyds-forecasts-107bn-covid-19-industry-loss-for-2020/