General insurers, both from private and public sector, had reportedly approached IRDA for 10%-40% revision in health insurance tariff to protect losses
Kolkata: State-run National Insurance Company (NIC) may soon increase the cost of health insurance premium to offset losses, reports PTI quoting company sources.
The hike could be between 20% and 40% for NIC health products, sources in the city-headquartered firm added.
Meanwhile speaking on the sidelines of an interactive session of Indian Chamber of Commerce here on Friday NIC chairman and managing director NSR Chandraprasad said: “We expect to get the IRDA (Insurance Development and Regulatory Authority) approval on health insurance tariff in a month's time.”
State-run General Insurance Corporation (GIC) chairman Ashok K Roy said there is need for upward revision of health tariff for insurance companies and at the same time hospitals should also reduce their costs.
GIC is a notified Indian reinsurer.
A senior official of NIC on the condition of anonymity said if IRDA’s approval comes without any observations or riders, then the implementation of higher tariff could occur from as early as April 2013.
General insurers, both from private and public sector, had reportedly approached the regulator for 10%-40% revision in health insurance tariff to protect losses.
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