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Recently, claims from insurers have sharply increased, mostly due to an increase in hospitalisations, critical illnesses, and diseases associated dengue and malaria.
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Consider that the claim ratio for ICICI Lombard General Insurance increased from 74% to 82% in the second quarter of fiscal year 23.
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All insurers had a high increase in claims during the Covid period because to an increase in hospitalisation.
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However, once the number of cases starts to fall, it should return to pre-covid levels.
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The retail health sector is a long-term investment. As a result, you must always keep an eye on the portfolio's experience-related outcome
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And once the necessity comes, you must make efficient price adjustments at various times.
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In the third quarter of 2021, ICICI Lombard made its most recent pricing adjustment, which resulted in an 8% rise in the average premium.
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While the claim ratios were generally steady during the first two quarters of the year 2022, experts claim that beginning in September, they began to sharply increase.
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each insurer frequently reviews the price for each product, these factors will continue to have an impact on health insurance premiums in a developing economy like India.