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Low Health Insurance Penetration A Matter Of Concern: IRDA ChiefBy akansha, Section Health
Insurance Regulatory Development Authority (IRDA) chairman J Hari Narayan has expressed concern over the "very low" level of health insurance penetration in the country. The situation, though, offers a great opportunity for health insurers to grow in a substantial way, he said.
Hari Narayan was delivering the key note address at a two-day seminar on `Health insurance and care' that got underway at the National Insurance Academy (NIA). NIA director Prathap Oburai presided over the function. According to Hari Narayan, of the total health expenditure worth Rs 3 lakh crore, the spending on hospitalisation accounts for Rs 1 lakh crore in the country. Against this, the existing level of health insurance premium was worth only Rs 6,000 crore, which means that a majority section of the Indian populace does not have an insurance cover. "This a matter of great concern," he said. Referring to standardisation of policy wordings, Hari Narayan said that the policy wordings can be improved upon by resorting to methods of rewriting or rephrasing, which, he felt, will clear the ambiguity currently prevalent in the policy wordings. Often ambiguities in policy writing is at the root of most disputes arising out of health insurance deals. The IRDA chief also cautioned the health insurance industry to be prepared for the potential challenge in the form of a fresh tax liability that was recently levied on the third party assurers (TPAs), which play facilitators between health insurers and policy holders. Source: Times Of India Low health insurance penetration a matter of concern: IRDA chief Click On "Full Story" For More....
In his speech, NIA chief Oburai said, "The surging claim cost is a matter of great worry for the insurance industry and needs to be reversed or contained considering that the health insurance sector finds itself delicately poised."
J Meenakumari, joint director (health) at IRDA, presented a paper on current and proposed regulatory developments in health insurance industry in India. She spoke at length on the recent health insurance initiatives that have been taken by the regulator. She also dwelt upon implication of recent regulatory changes on product designing and pricing. Malati Jaiswal, CEO, Meditek, and Lalit Baveja, senior health care consultant with Milliman India, spoke about the strategies to manage claim costs. Jaiswal said, "Product design, policy terms and conditions, insured profile - age, lifestyle, domicile, culture and health status are the main drivers of claim cost." She cited solutions for strengthening the claim process, by designing and implementing hospital package rates. Georgina Howes, vice-president, Life and Health Products of Swiss Reinsurers, spoke about underwriting methods and how simplified products were shaping initial stage underwriting and how underwriters were adapting to the environment. "In the prevailing market conditions, underwriters are expected to have many strings to their insurance bow, to wear many different hats and to be prepared for any eventuality," she said. Sanjay Datta, head, customer service at ICICI Lombard General Insurance Company; Ankur Njhawan, associate vice-president, Marsh Brokers Group; Neeraj Basur, director finance at Max BUPA Health Insurance Company; and Robert Prochnow, chief actuary, Swiss Re Health Care, were other prominent speakers. Ashok Kulthe, chair professor, NIA, made the welcome remarks while NIA faculty member Abhijeet K. Chattoraj conducted the proceedings. Around 160 delegates representing various insurance companies and other service providers are attending the two-day event.
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