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A 25 per cent hike in premium prices for retail health insurance notwithstanding, New India Assurance Company (NIAC) has not seen a slowdown in the segment.
According to C Narambunathan, general manager and financial advisor, NIAC, the price hike, which came into effect in April this fiscal, was essential to bring down the loss ratio and improve profitability.
Health insurance, including group, retail and government business, accounts for nearly 26 per cent of the insurer’s total domestic premium, which stood at close to Rs 19,000 crore in 2016-17. While group health accounts for nearly 55 per cent; the share of retail is close to 35 per cent.
“At 18.4 per cent, we have the biggest share in the health insurance market at present. We want to concentrate more on retail health segment,” Narambunathan said at an interactive session organised by the Merchants Chamber of Commerce and Industry here on Monday.
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