Mediclaim Policies to Become Costlier Next Year

The price of mediclaim policies to go up next year, if the insurance regulator IRDA accepts the plea of General insurers (both private and public sectors) which are facing huge losses with the spiraling health costs.

State-owned National Insurance company sought IRDA’s permission to raise health insurance premium by 20-25% on an average as mediclaim is observed to be a loss making business.

Following this, other private insurers such as ICICI Lombard and Bharati AXA have sought 15-20% and 10-12% premium rise respectively. Most general insurers are looking for a price hike in health insurance premiums as they have been reporting losses in business.

Source: The Hindu Business Line