The Hindu Business Line : Max India in talks with health insurers

New Delhi, April 18 Max India Ltd will soon add health insurance to its company’s portfolio of life insurance, healthcare, speciality packaging products, clinical trials and medical training. It is in talks with a few global players in the segment for a possible tie-up.

“Health insurance is on high priority now and the company is talking to some of the largest global players in the segment for a tie-up,” said Mr Neeraj Basur, Vice-President, Corporate Finance.

According to him, the company’s expertise in healthcare and life insurance would help give health insurance the strategic fit. He also felt that the segment has immense potential in the country if the products on offer have a mass approach. Currently, health insurance has extremely low penetration levels of only 2-2.5 per cent in the country.

Upbeat on savings

Despite the markets not performing on an optimum level and investors taking a fresh approach towards savings, Mr Basur is optimistic that the company’s life insurance business has the potential to increase its market share from 5 per cent to 8 or 9 per cent in the next three years.

MNYL is looking to expand its policy holders base from 5.1 million to 9 million in the next three years, he says. For the quarter ended December 31, 2007, the company’s gross premium income stood at Rs 764 crore, growing 69 per cent year-on-year.

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