Group Health insurance premiums have been increased and cut its “exposure to the unprofitable group mediclaim”. Chief executive officer of R-Cap, said that following the approval from the Insurance authoritarian and Development Authority (Irda), the company has, on average, doubled the premium charged to customers for renewing or buying a new health insurance policy, with effect from 1 July.
The reprising should help in scheming losses, which should run out by the third quarter of the current fiscal. Though we expect a number of declines in the quantity of policies sold, a higher average ticket size would be helpful in building a healthy book,” Ghosh said in an interview. He added that the general insurance business could break even by the third quarter of the current fiscal.

“We had given ourselves a year to shed all unsecured portfolio and we should be able to so in the next few quarters,” Ghosh said. Only 10% of R-Cap’s present consumer finance portfolio is unsecured. In an earlier interview to Mint, Ghosh had said that he would like to see R-Cap’s profits coming from its core business activities and not as much from capital gains from investments, which are dependent on market conditions.

Recently, general insurers complained to Irda that the practice by some hospitals of overcharging customers had led to heavy losses. While the state-owned health insurers have withdrawn the cashless payment facility from around 150 hospitals, which were allegedly inflating bills, some private insurers sought Irda’s approval to redesign their health insurance products.

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