Mr. G. Srinivasan, Chairman and Managing Director at New India Assurance Company Limited today positively said that the pricing in health insurance segment has seen a great improvement. The prices of premium have now stabilized as compared to the previous couple of years.
Health insurance companies are now making profit as against the losses made in the previous years, due to lack of adequate premium pricing. Adding to the above, he said that health insurance company were showing profit by way of income from investment and not operation profit.
In order to maintain and sustain profitability, company has also started charging premium differently for catastrophe related risk in the property segment. The differential pricing will depend on the physical hazard it is exposed to in that location.
Company has appealed for raise in the premium amount in retail health segment with market regulator IRDA on account of rising medical cost and in case of property segment, company are factoring separately for catastrophe related risk, leading to rise in the premium cost.
Mr. Srinivasan also announced the launch of new products in health and motor insurance segment.
New India Assurance Co. Ltd is a 100% Government owned multinational insurance company. It’s headquarter is situated in Mumbai and has operations in 22 countries across the globe. Company’s revenue from Indian operation touched Rs. 10,000 crores for the year 2012-13 and company has also been awarded as A-rated (Excellent – Stable outlook) by AM Best.
