It is unfortunate that even public-sector Insurance Companies have joined private-sector ones in their cold attitude towards their individual customers when large number of chief hospitals were de-listed by these public-sector Insurance companies for extending cashless reimbursement for availing medical facilities through mediclaim policies. It is a break of agreement when the facility was discontinued uninformed to policy-holders unexpectedly from 01.07.2010.
However Insurance companies for prospect can issue two types of mediclaim policies, with cashless policies valid at all hospitals as before, at some higher premium than normal policies without cashless ability during treatment. But any such system should be for new policies only. It is pointless to break the contract with policy-holders by midway termination of any earlier prevailing facility including cashless mediclaim at different hospitals.
Union government should combine all public-sector Insurance companies in one united company to save largely on advertisements and overheads.
Showing posts with label Mediclaim Policies. Show all posts
Showing posts with label Mediclaim Policies. Show all posts
Monday, July 12, 2010
Tuesday, June 8, 2010
United India eyes 15% premium increase in FY10
Public sector general insurer United India Insurance Company is confident of achieving 15(%) per cent growth in its premium income to Rs 6,000 crore this financial year on the back of sound growth from all verticals of the company.
“With tangible improvement in overall economy, we hope to achieve 15(%) per cent growth in premium income this fiscal,” G Srinivasan, CMD of United India Insurance Company said.
United India had posted a net profit of Rs 707 crore in FY10 — a 48(%) per cent rise over the related period last year. Premium income of the company stood at Rs 5,239 crore throughout the same period with an underwriting loss of around Rs 900 crore.
Referring to underwriting losses, he said, “Health and motor insurance are two areas where underwriting losses are higher for the company. While no one is making money from the health insurance section, third-party motor insurance are making losses due to low premium.”
Insurance industry in general is facing edge force in the health insurance section due to group mediclaim policies, rising cost of health expenses and general inflation. Also, the government decision to allow life insurer to sell health insurance products, margins have been additional squeezed.
Srinivasan also said the premium for third-party motor insurance claims should be increased to lessen the underwriting losses.
“With tangible improvement in overall economy, we hope to achieve 15(%) per cent growth in premium income this fiscal,” G Srinivasan, CMD of United India Insurance Company said.
United India had posted a net profit of Rs 707 crore in FY10 — a 48(%) per cent rise over the related period last year. Premium income of the company stood at Rs 5,239 crore throughout the same period with an underwriting loss of around Rs 900 crore.
Referring to underwriting losses, he said, “Health and motor insurance are two areas where underwriting losses are higher for the company. While no one is making money from the health insurance section, third-party motor insurance are making losses due to low premium.”
Insurance industry in general is facing edge force in the health insurance section due to group mediclaim policies, rising cost of health expenses and general inflation. Also, the government decision to allow life insurer to sell health insurance products, margins have been additional squeezed.
Srinivasan also said the premium for third-party motor insurance claims should be increased to lessen the underwriting losses.
Saturday, January 2, 2010
Global mediclaim await jet-setting executives
Globe trotting executives will no longer have to buy an overseas mediclaim policy every time they fly abroad. Apollo DKV Health Insurance will soon launch a mediclaim policy that will be valid anywhere in the world — the first of its kind in India.
Currently, heath insurance policies reimburse claims that are incurred in India. Those travelling abroad need to buy overseas mediclaim policies which are valid for a maximum of six months. Although, a worldwide policy would be very expensive, it is likely to find takers among CEOs where the premium is borne by the company.
Antony Jacob, CEO, Apollo DKV, said that the new offering targeted at senior executives is part of the company’s plan to be present in every segment of the health insurance business. “We are offering health insurance under the Rashtriya Swaran Bima Yojana which caters to those below the deficiency line.
Mr Jacob said. We also have an Rs 20 lakh health insurance policy — which is the only one of its kind in the country. In between, we have a host of plans,”
According to Shobana Kamineni, whole time director, Apollo Munich, and part of the Apollo Group which has promoted the company, Munich Re and Apollo will invest Rs 500 crore in the health insurance business over five years. The partners have already invested around Rs 200 crore in the business.
The health insurance company has recently renamed itself as Apollo Munich Health Insurance, following the decision of Munich Re, which owns the DKV brand, to centralise its health business within a new division under Munich Re.
“What we are looking at is the possible of this market. We expect that the market would be around Rs 35,000 crore by 2015. Even if there are 15 players, anyone with a significant share would need to invest a lot of money.”
She added that while this investment may not be visible in terms of physical assets, the company would be creating assets in the form of employees and a base of policyholders.
“Munich Re as partners will be a game changer as they have the best underwriting practices and the best knowledge in health insurance,” she said. Since Apollo DKV was launched last year, the company has appointed Mckinsey on board to rewrite its mission in terms of what essentially includes a study by AC Nielsen.
Currently, heath insurance policies reimburse claims that are incurred in India. Those travelling abroad need to buy overseas mediclaim policies which are valid for a maximum of six months. Although, a worldwide policy would be very expensive, it is likely to find takers among CEOs where the premium is borne by the company.
Antony Jacob, CEO, Apollo DKV, said that the new offering targeted at senior executives is part of the company’s plan to be present in every segment of the health insurance business. “We are offering health insurance under the Rashtriya Swaran Bima Yojana which caters to those below the deficiency line.
Mr Jacob said. We also have an Rs 20 lakh health insurance policy — which is the only one of its kind in the country. In between, we have a host of plans,”
According to Shobana Kamineni, whole time director, Apollo Munich, and part of the Apollo Group which has promoted the company, Munich Re and Apollo will invest Rs 500 crore in the health insurance business over five years. The partners have already invested around Rs 200 crore in the business.
The health insurance company has recently renamed itself as Apollo Munich Health Insurance, following the decision of Munich Re, which owns the DKV brand, to centralise its health business within a new division under Munich Re.
“What we are looking at is the possible of this market. We expect that the market would be around Rs 35,000 crore by 2015. Even if there are 15 players, anyone with a significant share would need to invest a lot of money.”
She added that while this investment may not be visible in terms of physical assets, the company would be creating assets in the form of employees and a base of policyholders.
“Munich Re as partners will be a game changer as they have the best underwriting practices and the best knowledge in health insurance,” she said. Since Apollo DKV was launched last year, the company has appointed Mckinsey on board to rewrite its mission in terms of what essentially includes a study by AC Nielsen.
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