The government has been watching the financial health of 4 PSU’s (General Insurance Companies ) and has told them they should not offer heavy or aggressive discount on group health policy which is a loss making portfolio . This is an attempt to stem losses of close to Rs 1,500 crore, which these companies have incurred during year ending March 2012. The move could lead to a higher premium on such policies.The finance ministry has told generalinsurance companies to revise the premium upwards or stop renewing group health insurance policies to prune...
Wednesday, 30 May 2012
We did not realise when the Rupee was depreciating Vs US $ that it will result in increase in Overseas TravelInsurance Premium. It has really put pressure on the travel insurance portfolio of leading general insurance players and they are having no option but to go to the regulator--- Insurance Regulatory Development Authority (IRDA) --- to refile and restructure the premium charges of their products soon. According to spoke person of HDFC Ergo, there is definitely a possibility to revise premiums. “Since almost all claims in travel insurance are...
Friday, 25 May 2012
It is surprising to know that. Doctors’ illegible writing causes 7,000 deaths in the US every year. Individuals lodging health insurance claims have been facing lot of difficulty in reading prescription/diseases/diagnosis while filing or lodging up claim forms.Now the change is coming – as a movement has now begun to ask doctors to write prescriptions in “separate, capital letters”. Brainchild of NGO Forum for Enhancement of Quality in Healthcare and the Quality Council of India (a semi-government organization accrediting services), its...
A district consumer forum has ordered New India Assurance Co. Ltd. in May 2012 to pay a policy-holder Rs.60, 000 for refusing to reimburse expenses incurred on hospitalization.Shiv Kumar Gupta had spent Rs.45, 252 on his son’s hospital stay in 2010. The district consumer disputes redressal forum has ordered the company to reimburse the amount and also pay Rs.10, 000 as compensation for “harassment’ and “mental agony” and Rs.5, 000 as litigation cost.The insurance company refused to pay claim by taking stand that Gupta had not provided all documents....
Consumer Forum in 2012 has decided that mosquito bite is an accident and therefore is covered under accident death insurance.The forum judgement is, “In our opinion, when a snake bites a person, it’s an accident. We do not find any difference between the death caused by a snake bite and the death caused by the bite of malaria parasite,” They further directed Oriental Insurance Company to reimburse a man’s claim whose father had died of malaria.Oriental Insurance had earlier rejected the claim, saying the policy was in respect to sustaining ‘bodily...
Thursday, 24 May 2012
There are indications that Larsen & Toubro General Insurance Company Ltd. will form full fledged 100% HealthInsurance Company to focus on Health Insurance. It is a good idea as worldwide Health Insurance is treated a specialized area and 100% Health Insurance focused insurance companies are in operation.We understand from news report that L&T Health Insurance Company will be a joint venture with Swiss Re and 26% equity partner.In case every thing goes well L&T Health Insurance will be 5th stand alone health insurance company after Star/...
Saturday, 19 May 2012
Indian Health Insurance Market- 2011-12Actual figure of Indian Health Insurance Market for the year ending March 31, 2012 are now available and according to it this market has touched figure of Rs.13345 Crores. The estimates of segment wise figure are : Group Corporate portfolio and Group Government portfolio (may be Schemes like RSBY,) continue to be a loss making portfolio. Retail portfolio ...
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