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Monday, Mar 15, 2004

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1,400 United India officers opt for VRS

M. Ramesh

Chennai , March 14

AS many as 1,400 officers and 900 clerks working for United India Insurance have opted 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

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