Wednesday
August, 10

Well being covers pull all 4 PSU insurers into purple

NEW DELHI: All 4 public sector common insurance coverage firms are within the purple, primarily because of the over Rs 26,300 crore losses incurred of their well being portfolio in 5 years from 2016-17 to 2020-21, a report of the Comptroller and Auditor Normal ( CAG) of India has revealed.
In its report tabled in Parliament on Friday, the CAG stated the losses have been precipitated on account of group insurance coverage insurance policies the place premium charged was much less and declare outgo was extra compared to retail insurance policies. The audit lined New India Insurance coverage Firm Restricted, United India Insurance coverage Firm Restricted, Oriental Insurance coverage Firm Restricted and Nationwide Insurance coverage Firm Restricted and put their mixed losses at Rs 26,364 crore.
About 10 years in the past, PSU insurers took the initiative to have their very own community of hospitals by forming a Most well-liked Supplier Community (PPN). It discovered the 4 PSU insurers collectively have PPN agreements with solely 2,552 hospitals (as in opposition to 9,900 hospitals for Star Well being Insurance coverage Co. Ltd and 10,000 hospitals for HDFC Ergo Normal Insurance coverage Co. Ltd). “This means insufficient efforts by PSU insurers in tying up with a better variety of hospitals,” the auditor has stated.

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