The Hindu Business Line : 1,400 United India officers opt for VRS

The payments to them could cost the public sector non-life insurer around Rs 500 crore, the company's Chairman and Managing Director, Mr V. Jagannathan, told Business Line.

What would be the impact of this on the company? Mr Jagannathan said that the company had "resilience" to come back.

He said that in the current year, United India expects to make a profit of Rs 300 crore. Last year, UII made a pre-tax profit of Rs 214 crore.

Speaking at a seminar on `Emerging trends in health insurance,' organised here by the Confederation of Indian Industry, Mr Jagannathan said that health insurance was yet to catch up in India.

Health insurance alone had a potential of about Rs 10,000 crore. Comparatively, today insurance companies collect about Rs 1,000 crore as premium from selling health insurance (mediclaim) products.

He said that while the `third party administrators' had helped bring down claims, `the service rendered by some of them is far from satisfactory'.

Mr Sudhir Kamath, Associate, McKinsey & Co, said that according to a study done by his company, the healthcare market in India had the potential to increase from Rs 1,03,000 crore today to Rs 3,20,000 crore by 2012.

More Stories on : Manpower | General Insurance

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Insurance academy to offer management courses

SDG software to help banks know customers better

1,400 United India officers opt for VRS

Andhra Bank's housing loan campaign

Pvt banks in a scramble to manage wealth

APSFC to scout for fresh lines of credit

Liquidity overflow powers bond markets

Bond bulls have many reasons to cheer

Agencies active in buying fixed income papers of FIs

LIC Housing seizes properties for payment default

Transfers: Kerala HC asks co-op bank to stick to norms