The New India Assurance Co. Ltd is optimistic that its share of health insurance will account for 30 per cent of its total business in the next two-to-three years up from 26 percent the current year.
G. Srinivasan, Chairman and Managing Director of New India said, “Health insurance is growing steadily but profitability is a challenge because of the high claims and other commission and management expenses.”
The state-owned general insurer has hiked its health insurance premiums by nearly 20 per cent for individual health products this year to overcome the losses incurred in the business.
New India expects 20 per cent growth in business to Rs 15,000 crore in 2013-14. The growth will come primarily from health, motor and its relatively new line of businesses which include credit and liability insurance, he said.
Nearly 20 per cent of its business came from its overseas operations spread across 22 countries. The company plans to expand its global operations in Qatar, Canada and Myanmar.
