Page 16 - The Insurance Times September 2024

MDIndia Health Insurance MDIndia's extensive network aims to 124.09% compared to the previous
support health insurance beneficiaries, quarter. Operating income was up by
TPA Pvt. Ltd. Announces particularly in underserved areas, 300.35% QOQ and increased by
Major Expansion with aligning with government initiatives to 935.4% YOY.
assist poor groups through various
New Offices Selling, general, and administrative
health schemes.
MDIndia Health Insurance TPA is enhanc- expenses declined by 17.21% QOQ but
ing its service network with a new office increased by 2184.56% YOY. The EPS
in Patna and two additional locations. Star Health and Allied In- for Q1 2024 is Rs. 5.36, reflecting an
This move underscores MDIndia's com- surance Reports Q1 Profit increase of 446.87% YOY.
mitment to providing top-tier health in- Star Health has delivered a 3.33% re-
surance services across India. Increase turn over the past week, 8.89% over
Star Health and Allied Insurance has
The Patna office will be inaugurated reported a remarkable financial perfor- the last six months, and a year-to-date
by prominent figures from Oriental In- mance for the first quarter of 2024, (YTD) return of 15.12%. As of the lat-
surance, National Insurance, United with profits soaring by 1818.72% year- est report, Star Health and Allied In-
India Insurance, and New India Assur- over-year (YOY). The company an- surance holds a market cap of Rs.
ance. With these additions, MDIndia nounced these impressive results on July 36044.11 Crore, with a 52-week high
now operates 144 offices, serving over 30, 2024, showcasing significant of Rs. 675 and a low of Rs. 454.8.
25 crore lives nationwide.
growth across various financial metrics.
Chairman Rajnish Sharma emphasized Star Health's revenue surged by SBI General Insurance: Re-
the company's dedication to excep- 2634.56% YOY. Quarter-over-quarter duction in Wait Time for
tional service, while MD Sameer (QOQ), the revenue increased by 3.22%.
Bhonsale highlighted their commit- Pre-Existing Diseases to
ment to efficient and accurate medi- The company's profit saw a staggering Increase Costs
cal insurance claims services. rise of 1818.72% YOY and grew by SBI General Insurance's Chief Business
Officer, Rakesh Kaul, announced that
Rising Seasonal Illnesses Drive a Third of Health In- IRDAI's decision to reduce the waiting
surance Claims in India period for pre-existing diseases in
health insurance from four years to
The health insurance sector in India is witnessing a significant rise in claims
due to seasonal infectious diseases. According to recent data, nearly a third three, effective April 2024, will lead to
of all health insurance claims recorded by insurers are attributed to these a 10-20% increase in health insurance
seasonal illnesses. The most common among them are vector-borne diseases premiums. However, the company has
not decided how much of this cost will
like dengue and malaria, which see a substantial increase in claims during
be passed on to policyholders.
the monsoon months of July and August, and water-borne infections such as
gastroenteritis. These illnesses, often influenced by hygiene conditions in spe- Kaul emphasized that health insurance
cific localities, have a widespread impact across all segments of society. is a value-seeker market, not price-
seeker, and the ability to customize
A study conducted by Policybazaar reveals that vector-borne diseases like
dengue and malaria contribute to approximately 15% of total seasonal ill- products is key. Despite medical infla-
ness claims. The treatment costs for these mosquito-borne diseases range tion of 7-8%, SBI General Insurance
from Rs 50,000 to Rs 1,50,000. Claims for these illnesses typically peak dur- reviews rates every three years instead
ing July and August when humid conditions create ideal breeding grounds of annually.
for mosquitoes. Similarly, gastroenteritis, a common monsoon illness, ac- SBI General Insurance plans to launch
counts for 18% of seasonal claims, with treatment expenses on par with new products every quarter, including
those for malaria. a customizable health plan and a su-
per top-up health cover. The company
Winter months bring their own set of challenges, with claims for influenza is focusing on increasing its individual
and bronchitis reaching 20% and 12% of seasonal illness claims, respectively. health insurance business and has es-
Although the cost of treatment for these winter ailments is lower, ranging tablished a strategic business unit in
from Rs 25,000 to Rs 1 lakh, they still contribute significantly to the overall Pune for health insurance underwriting
claims during this season.
and claims.
The Insurance Times September 2024 15