The discovery of the new COVID-19 variant Omicron may influence the market stability for term insurance policies. Insurance companies have paused their plan of increasing the prices to observe the impact of Omicron. According to the MD and CEO of one of the leading insurance companies, many insurers have already strategised the increase in pricing triggered by reinsurers in September. However, the new variant might cause a delay in executing the process.
- December 6, 2021
As per a new report from a financial news outlet, term insurance premiums are set to rise by 20% during the upcoming months of December and January. As per the report, the second wave of COVID-19 caused a stark increase in the amount of term insurance policies claimed. In order to adjust for the increased term insurance claims, insurance companies have decided to move up their premium rates. While some companies may raise their rates by 20%, others may do so by a comparatively smaller margin.
- November 20, 2021
As per a report by a reputed news site, term insurance premiums in India are set to rise up from 25% to 40% in the wake of the COVID 19 pandemic. The hike is expected to differ for different insurance companies and the new term insurance rates will come into effect from December, as per the report. The increased number of COVID-19 death claims have resulted in an unprecedented financial burden on the insurers and they have paid out approximately ₹11,060 crore in COVID-19 related term insurance claims in 2021 till now. As a result, insurance companies are set to increase their term insurance premiums.
- Oct 31, 2021
As per a new report by a financial publication, the average value of the Term Insurance Price Index rose by 1% to reach ₹22,750 during the quarter July-September 2021. As per the Insurance Price Index data, the price of term insurance has gone up by 3.8%, over a span of 9 months. The average annual premium payable for a sum assured of ₹1 crore also rose to ₹29,127 from ₹29,010 in the quarter April-June 2021.
- Oct 01, 2021
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