Wednesday, August 30, 2006
New India to tap health insurance
Source: timesofindia.indiatimes.com
India's largest general insurer - New India Assurance - is setting up several initiatives in health insurance to cash in on the fast growth in this segment which has been growing at a compounded rate of 35% since last three years.
The insurer is looking at a segment-wise approach. It is setting up to create policies for diverse income groups in urban, semi-urban and rural customers, according to New India Assurance chairman and MD B Chakrabarti.
Health accounted for 10-12% of New India Assurance's business premium in 2005-06. The average claims ratio for this collection is 110%, though it is much higher for the older age group. Currently about 60% of NIA's health portfolio comprises of people in the elder age group. "We are trying to give incentives to people in the younger age band to buy mediclaim," Chakrabarti said.
Source: timesofindia.indiatimes.com
India's largest general insurer - New India Assurance - is setting up several initiatives in health insurance to cash in on the fast growth in this segment which has been growing at a compounded rate of 35% since last three years.
The insurer is looking at a segment-wise approach. It is setting up to create policies for diverse income groups in urban, semi-urban and rural customers, according to New India Assurance chairman and MD B Chakrabarti.
Health accounted for 10-12% of New India Assurance's business premium in 2005-06. The average claims ratio for this collection is 110%, though it is much higher for the older age group. Currently about 60% of NIA's health portfolio comprises of people in the elder age group. "We are trying to give incentives to people in the younger age band to buy mediclaim," Chakrabarti said.
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