Claims worth Rs 105 crore approved under Jaya health insurance scheme

Chennai:

United India Insurance, which is implementing Chief Minister’s Comprehensive Health Insurance Scheme, said that the company has approved over 40,000 claims worth Rs 105.41 crore in the first four months of the year.

Addressing a press conference here on Wednesday, United India Insurance Chairman and managing director G Srinivasan said the scheme, covering 1.34 crore below poverty line families in the state, is being administered smoothly.

Announcing the results of the company, he said there has been nearly 200 per cent jump in profit after tax (PAT) during the last financial year as the company registered PAT of Rs 387 crore as against Rs 130.54 crore recorded in 2010-11.

He said the company’s business grew over 28 per cent to Rs 8,179 crore with an accretion of Rs 1,802 crore over previous year.

Setting a target of Rs 10,000 crore premium this year, he said the industry is on a growth path and expected 20 per cent plus growth this current year. “We are focusing on rural areas, small and medium entreprises besides motor and personal lines,” he added.

He said the company declared a dividend of 52 per cent for the year and added the company will reduce the claims ratio to 88.50 per cent for the year against 94.36 per cent in 2010-11 despite making additional provisions for motor pool as per regulatory directive due to better underwriting practices and claims control measures deployed.