Max Bupa Health Insurance will get a capital infusion of Rs 100 crore this fiscal to support its business growth, a top company official said.
“We currently have a paid-up capital of Rs 450 crore and we plan to enhance it to Rs 550 crore by the end of the year to support our expansion plans,” said Manasjie Mishra, Chief Executive Officer of MaxBupa
Max Bupa health insurance is a joint venture between Max Healthcare (74 per cent) and UK-based Bupa (26 per cent).
The health insurer’s gross premium collection more than doubled to Rs 207 crore in FY13. The company is eyeing a similar growth in premium collection this fiscal too.
Premium rates
Max Bupa has filed for an upward revision in premium rates in some categories. Further, additional features have been incorporated in some of the existing products. Both these are awaiting regulatory approval, said Mishra. The health insurer has a 92 per cent claims settlement ratio.
According to him, the current prices of group health insurance products are unsustainable and the insurer will continue to focus on individual health insurance products which constitute 80 per cent of its portfolio.
The health insurer, which completed three years of operations last fiscal, is planning to add 12 branches and take the total number to 33. It plans to break-even in the next 3-4 years.
Max Bupa launched a group personal accident plan, which is a corporate floater. It also provides coverage for broken bones and temporary total disability due to accidents.
deepa.nair@thehindu.co.in