Seeing resurgence in COVID-19 claims, says HDFC Life MD & CEO

We are seeing a resurgence in COVID-19 claims month-on-month (MoM), said Vibha Padalkar, MD and CEO of HDFC Life Insurance, on Friday.

“We are seeing a resurgence versus, if I were to compare with, last year also month-on-month (MoM) claims are going up but there was a compensating impact of lower claims on the non-COVID situation. So it is still somewhat under the balancing effect but this is a space that we will watch closely,” she told CNBC-TV18.

On the rate increase, Padalkar said, “The rate increase that we saw around March-April of last year had nothing to do with COVID. India has been at the lower end in terms of the rates that we enjoy. As far as our company is concerned, there is nothing imminent. We have gone through the rate increase and matters have settled down. We are being more cautious in terms of underwriting and that is also something that reinsurers are looking for.”