Page 11 - Insurance Times May 2023

capping it at 4.5 per cent of the sum The objective of the platform is to
insured under the National Livestock make the empanelment process of Attention Subscribers
Mission (NLM), launched in 2014-15. hospitals smooth and also to increase
Please renew your Subscription of The
the share of cashless in the overall in-
As only about 1 per cent of the total Insurance Times Journal to receive
surance claims.
livestock population has been covered copy of the journal uninterruptedly.
under the subsidised insurance plan, "We want to create a platform for
You can now pay by GPAY, Phonepe,
the move may raise the coverage to 10 common empanelment of hospitals.
Paytm, Amazon, ICICI Pay, BHIM UPI
per cent in the next three years. There are 30 different insurance com-
panies and 30 different platforms. Hos-
"The plan is at a very early stage, dif-
pitals have to go through different pro-
ficult to say how it will take shape as
cesses and requirements of insurance
States will also have to be consulted.
companies for empanelment, which
Their subsidy share will increase if the
has become a pain point," Council's
scheme is modelled on the Pradhan
Executive Committee member S
Mantri Fasal Bima Yojana (PMPBY),"
Prakash said.
said anofficial source.
The platform will be handled by Na-
General Insurance Council tional Health Authority and insurance
working on a common regulator IRDAI. It will give a common
and transparent IT platform, where
empanelment platform for
hospitals can apply for empanelment.
hospitals soon The council is also looking to take ac-
The General Insurance Council, the in- tions, including suspension of cashless
dustry body of non-life insurers, is work- facilities, on hospitals that are involved
ing towards creation of a common in any fraudulent activity for raising
empanelment platform for hospitals. health insurance claims, he said.

PSU general insurers' market share drops below a
third
The four public sector companies now account for less than a third of the
non-life insurance market after losing 2% share in FY23. While the private
sector has gained, the top companies have grown slower than the industry.
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According to industry data, the total non-life premium in India increased Modes :-
16% from Rs 2,20,800 crore in FY22 to Rs 2,56,920 crore. One of the big
i) UPI ID: SASHIBOOKS@KOTAK
drivers of growth was health insurance. Standalone health insurers grew
ii) GPAY: 9830171022@okbizaxis
25. 7% to Rs 20,242 crore from Rs 29,867 crore last year.
iii) PAYTM: 9830171022@paytm
Private sector insurance companies grew 20. 2% to Rs 1,31,940 crore from
iv) NEFT: Current A/C
Rs 1,09,753 crore. The industry growth rate was dragged down by the public
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sector, which grew 10. 3% to Rs 82,895 crore from Rs 75,132 crore last
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year.
LIMITED, Bank of India, VVK
Within the public sector, market leader New India Assurance grew the slow- Road Branch., Kolkata, India,
est at 5. 9%, which resulted in its share dropping from 14.7% to 13.4%. The
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other three companies National, Oriental and United India Insurance man-
v) Credit Card:
aged to growing double digits.
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In the private sector, growth was driven by the newer and smaller insur-
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ance companies such as Acko, Kotak, Go Digit, Zuno (formerly Edelweiss),
9073791022/9883398055
Shriram, Liberty and Magma HDI General Insurance. Among the larger com-
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panies, Tata AIG General Insurance and HDFC Ergo grew the most.
The Insurance Times May 2023 11