New India looking to grow health insurance business. The New India Assurance Co. Ltd expects the share of health insurance to account for 30 per cent of its total business in the next two-to-three years. According to G. Srinivasan, Chairman and Managing Director of New India, health insurance currently accounts for about 26 per cent of its total premiums. “Health insurance is growing steadily but profitability is a challenge because of the high claims and other commission and management expenses,” he said. he state-owned general insurer has hiked its health insurance premiums by nearly 20 per cent for individual health products this year to overcome the losses incurred in the business. New India expects 20 per cent growth in business to Rs 15,000 crore in 2013-14. The growth will come primarily from health, motor and its relatively new line of businesses which include credit and liability insurance, he said. Nearly 20 per cent of its business came from its overseas operations spread across 22 countries. The company plans to expand its global operations in Qatar, Canada and Myanmar. UTTARAKHAND CLAIMS The general insurance industry is estimated to suffer losses of around Rs 1,500 crore against claims settlement towards damaged hydroelectric power projects in Uttarakhand following the flash floods. Of this, New India is likely to suffer losses to the tune of Rs 100 crore. The losses in Uttarakhand might also lead to loading of insurance premium for new properties and renewals of existing one, particularly in disaster-prone areas, he said.
Posted on: Sat, 20 Jul 2013 13:20:59 +0000
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