Wednesday, Nov 03, 2004
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By Our Special Correspondent
KOLKATA, NOV. 2. The National Insurance Company (NIC) is planning to take a fresh look at the big corporate mediclaim accounts which have a high claim ratio, NIC Chairman and Managing Director, H. S. Wadhwa, said. Addressing a press conference here, he said bringing down the claim ratio of these accounts from 102 per cent to about 80 per cent was essential for improving the company's profitability. He indicated that plans were afoot to `reload' the premium on some of these tailored accounts, by about 15 to 20 per cent (depending on the claim ratio) within this fiscal. He ruled out any impact of the proposed review of mediclaim policy on individual mediclaim holders saying that their claim rate was within 70 per cent and posed no problem. Of NIC's total premium portfolio, 40 per cent is on account of motor insurance, 25 per cent is fire insurance, 10 per cent is engineering insurance and the remaining 25 per cent is miscellaneous (comprising mainly health insurance). Mr. Wadhwa said quite a few of NIC's major corporate clients such as Sahara group had also taken out group health insurance cover from NIC. Quoting figures compiled by the Insurance Regulatory and Development Authority (IRDA), Mr. Wadhwa said the NIC had emerged as the largest general insurance company in the first half of 2004-05. During this period, its premium income stood at Rs. 2,071.50 crores. NIC had pipped New India Insurance to the post by a slim margin of about Rs. 2 crores. Between April and September 2004, the total premium income of the five public sector insurers stood at Rs. 7,529.90 crores while that of the eight private sector insurers was Rs. 1,681.80 crores according to the IRDA figures.
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