India health insurance seen rising, but concerns stay

Rising medical costs and life expectancy are seen attracting a lot of players to the Indian health insurance sector, even as a high claims ratio remains a concern, industry experts said on Friday. As many as three to four firms are keen to launch standalone health insurance companies if they find an Indian partner, said C.S. Rao, chairman of Insurance Regulatory and Development Authority (IRDA), the country's insurance regulator. Under current Indian regulations, foreign firms cannot own more than 26 percent in an Indian insurance company. "We have a mandate to encourage health insurance," Rao said on the sidelines of an industry conference. Last year, DKV, a unit of German reinsurer Munich Re, formed a health insurance joint venture in India with Apollo Hospitals group, whose flagship is Apollo Hospitals Enterprise Ltd. The total premium collection in health insurance was around 40 billion rupees in 2007, up from around 6 billion rupees in 2003, Rao said adding premium collection is expected to rise by half during the current year. Despite a penetration of just 2-3 percent, health insurance accounts for about 16 percent of the industry's total premium collection, Rao added. "Health insurance is required on a long-term basis because people are living longer. They require medical attention over a longer period and medical expenses are also going up," he said. Currently, Indian life insurance companies provide health cover as an add-on to their existing policies while non-life insurance companies provide it as part of their overall bouquet of general insurance products.India has 18 life and non-life insurance companies each and one reinsurance firm, according the IRDA Web site. At 4.8 percent, the country's overall insurance penetration is one of the lowest in Asia. While interest in health insurance is building up, the sector is dogged by high claims, with the claims ratio as high as 120 percent, Rao said. The insurance regulator plans to take a series of measures including improving underwriting standards to cut down on the high ratio, IRDA director general D.V.S. Sastry said. The regulator also plans to introduce unique identification (ID) numbers for individuals as well as hospitals, which are expected to reduce duplication of claims, Sastry said.

Health Care Insurance

Health care costs have witnessed a phenomenal rise in the current times, this has led the customers to insure not only themselves but their family members for any future medical expenses and other related requirements. The need to insure assumes even more importance with older generation who are either retired or will be retired in the near future; you will be surprised how much health care expenses can add up to in a year.Types Of Health Care Insurance Available:Medical InsuranceCritical Illness Insurance Leading insurance companies are coming out with new plans to meet the requirements of their customers, health care insurance plans especially target customers in the higher age group. It is necessary for younger people to start planning for their future after they retire, at an early age, so as to lead a financially stable life in later years.List of Some of Indurance Companies offering Health Care Insurance:ICICI Loambard - Health PlansBajaj Allianz - Health Guard

Global Launch of Apollo Health City in Hyderabad

Apollo Hospitals Group recently announced the first functional health city in Asia, Apollo Health City, Hyderabad. The Apollo Health City, Hyderabad was formally launched by the Chief Minister of Andhra Pradesh, Dr YS Rajashekar Reddy. Spread across 33 acres, Apollo Health City, Hyderabad is an integrated healthcare system offering solutions across the healthcare space. Going beyond the realm of curative care Apollo Health City, Hyderabad offers the entire spectrum of services including education, research, information technology, preventive care and holistic medicine. Apollo Health City encompasses a 300-bed multi-specialty with over 50 specialities and super specialities along with 10 centres of excellence.Institutes for heart diseases, cancer, orthopaedics and joint diseases, emergency, renal diseases, neurosciences, eye, minimally invasive surgery, trauma and cosmetic surgery are all centers of excellence and are positioned to offer the best care in the safest manner to every patient. Apollo Health City is equipped with Institute of PG Education for doctors, Nursing School and College, College of Physiotherapy, Institute of Hospital Administration, Institute of Medical Informatics, Institute for Emergency Medicine, Institute for Paramedics along with other training institutions to offer the optimal learning ambience and clinical environment. Research at the Health City is aimed at identifying solutions to the challenges faced by the community and translating these results into clinical care, 'bench to bed'. Apollo Health City has a variety of IT initiatives including medical BPO services for offshore customers (Health Street), online education for medical professionals (Medvarsity) and telemedicine services. Dr Prathap C Reddy, Chairman, Apollo Group of Hospitals, said, "Apollo Health City brings together all the components of healthcare and creates an environment that leverages the best of all forms of medicine.”