Medical insurance industry records 21 pc growths.
Hyderabad: Telangana and Andhra Pradesh are not listed in the top five states that protect their health. Five states, specifically, TN, Maharashtra, Karnataka, Delhi and Gujarat funded 69 percent of the overall medical insurance premium, rendering to the annual report of the Hyderabad Insurance Regulatory Development Authority released on 15 December.
The IRDA report stated, ‘Remaining 31 states and UTs counting Andhra Pradesh and Telangana funded 31 percent of the overall health insurance premium. Maharashtra only funded Rs 7,715 crore, about 32 percent of total health insurance premium. Moreover, the medical insurance premium from the 8 sister states of North Eastern India (counting the state of Sikkim) was about Rs 195 crore (0.80 percent) for the annual year 2015-16.
The report had revealed that the premium assortment in the health section continued to rush ahead at Rs 27,457 crore in 2015-16 from Rs 22,636 crore in 2014-15, recording a development of 21.30 percent.
Temporarily, the life insurance industry in the nation listed a premium income of about Rs 3.6 lakh crore through 2015-16 as contrary to Rs 3.2 lakh crore in the preceding financial year, recording growth of 11.84 percent.
“About 8.54 lakh claims were made with a complete payout of Rs 12,636 crore. The claim payment ratio of LIC was better than that of the personal life insurers. LIC settlement ratio had augmented to 98.33 percent,” told IRDA.
Motor business sustained to be the biggest non-life insurance section with a share of 43.89 percent.
An IRDA representative had said, “Instances have been carried to the notice of the ability that insurers are not obeying with the orders of Consumer Forums, Motor Accidents Claims Tribunal, and Awards of Insurance Ombudsman. All insurers have to obey with the commands of judicial and quasi-judicial bodies as per time lines stated in the orders in 60 days of receipt by the insurer in cases where no time constraint is indicated in the order. If the insurer selects to wish a plea against the order, such plea shall be favored within the specified time limit as per appropriate rules and the client should be well-versed.”
The Overseas Travel Insurance sector has delivered 22.39 lakh overseas travel insurance rules covering 39.29 lakh individuals.