Rs 1k cr-loss on health policies in FY09: Watson Wyatt
T E Narasimhan / Chennai Oct 06, 2009, 00:57 IST
Insurance companies in India have lost Rs 1,000 crore on group health policies during FY09, according to Watson Wyatt, a global consultant in human capital and financial management. It said the combined claims ratio went up to 150 per cent for many of the insurers.
The size of the health insurance premium in India for the year ended March 31, 2009 was Rs 6,500 crore, of which, employee group health insurance plans contributed 35 per cent. The health insurance market in the next four years was likely to be around Rs 20,000 crore, said the consultancy firm in its recent report.
The four state-owned general insurance companies command the bulk of the market share in the health segment. This segment accounted for 18 per cent of the gross underwritten premium last year.
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