X hits on this document

PDF document

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 59 / 228

605 views

0 shares

5 downloads

0 comments

59 / 228

ANNUAL REPORT 2007-08

TOTAL

42319 100 50382 100 56281 100

Note: AIC of India has not been included.

Public sector non-life companies invested Rs.16903 crore in Central Government and State Government Securities (35.79 per cent of their total investments), Rs.5843 crore in infrastructure and social sector (12.37 per cent of their total investments) and Rs.21335 crore in investments subject to exposure norms (45.18 per cent of their total investments) as against Rs.16606 crore (37.59 per cent ), Rs.5051 crore (11.43 per cent) and Rs.19323 crore (43.74 per cent ) respectively in the previous year. Investments of the private insurers in the above sectors stood at Rs.3283 crore ( 36.22 per cent), Rs.1816 crore (20.03 per cent) and Rs.3208 crore (35.39 per cent) as against Rs.2260 crore (36.39 per cent), Rs.1052 crore (16.93 per cent)and Rs.2349 crore (37.81 per cent) respectively as on March 31, 2007.

insurance premium has grown by 130 per cent in 2007-08 from a level of about Rs.2200 crore in 2005-06.

The number of persons covered under health insurance is also steadily increasing over the years. Considering the vast potential for health insurance any increase in this segment looks to be small. In the absence of health protection, the financial impact of hospitalization can be very pronounced more so in the case of low income people. It is reported that as absence of health protections causes economic loss, it is one of the leading causes of impoverishment in the country. Many states have recently initiated large scale health insurance programmes in association with non-life insurers to protect their vulnerable groups from such health-related

financial

needs.

Some

prominent

schemes

are

Rajiv

Aarogyasri

scheme

in

AP,

and

the

centrally-sponsored

Rashtriya Swasthya Bima Yojana many states across the country.

(RSBY) being launched in Such schemes increased

the number of people to have coverage health insurance in the country.

under

some

form

of

IRDA Initiatives on Health Insurance

V) Health Insurance

Growth Trends

Increasing awareness of health insurance, rising healthcare costs, and also, the recent detariffing of the general insurance industry (which has increased emphasis and efforts by insurance companies towards health insurance and other personal lines of business) have become key drivers for Health Insurance in the last few years.

Already, health insurance has become the fastest growing segment in the non-life insurance industry in India in recent years, and has grown 60 per cent during 2007-08 with a premium of over Rs.5100 crore. It is also emerging as an increasingly significant line of business for life insurance companies, and many prominent life insurance companies now have health insurance products, the conspicuous ones among these having been launched in the last 6 months itself. During the last six years, the premium from health insurance products has grown from Rs. 675 crore in 2001-02 to Rs.5100 crore in 2007-08. When compared with 2005-06, the health

IRDA has been taking many pro-active steps in its developmental role for health insurance. The Authority had set up a National Health Insurance Working group in 2003, which provided a platform for various stakeholders of the health insurance industry to work together and suggest solutions to relevant issues in the sector. Subsequently, realizing the importance of accurate and timely data for health insurance, a sub-group looked into the requirements for standardized data on Health Insurance, and devised standard data submission formats for collecting data electronically. This system was put in place and has now been functional for over 4 years as a health data repository at the Tarriff Advisory Committee in Mumbai, wherein considerable data on insured persons and claims have been collected and is analysed. Steps have also been initiated to further streamline the process of data collation and analysis. For 2006-07, the repository received data on 16.3 million insured persons, 3.8 million policies and 1 million claims, and there have been continuous improvements in the quality of this data.

In 2004, IRDA also appointed sub-committees to specifically

43

43

Document info
Document views605
Page views617
Page last viewedFri Dec 09 12:24:31 UTC 2016
Pages228
Paragraphs23234
Words80831

Comments