The Hindu Business Line : `Catch 'em young to improve health insurance portfolios'

INSURANCE companies are making losses in their health portfolios because they are not able to "catch people young" and the average age of the insured is 55, Mr B. Chakrabarti, Chairman and Managing Director, Mr B. Chakrabarti, National Insurance Company Ltd, said here.

Mr Chakrabarti was here in connection with the launch of a scheme of Indian Overseas Bank, which provides insurance cover for the bank's account holders in collaboration with National Insurance Co.

Later, Mr Chakrabarti told newspersons that the advent of third party administrators had not improved the profitability of health insurance portfolios. He said that many companies, including National Insurance, were making losses in health insurance.

Asked about the impact of monsoon-floods in Mumbai on National Insurance Co , he said that the company had received about 3,000 claims for Rs 350 crore, but was "fully protected" by reinsurance.

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