Magma HDI aims 20% premium income from health in 3 years
Magma HDI General Insurance Company is aiming health insurance to contribute 20 per cent of its total premium income over the next three years, a top official said today.
Presently, health and accident sectors account for a little over three per cent of its total business while motor and commercial insurance constitute the bulk, Magma HDI MD and CEO Rajive Kumaraswami said.
Kumaraswami said despite being a new entrant in health segment, Magma Onehealth insurance is offering cover to new-age treatments like IVF, Psychiatric, Bariatric along with maternity cover in retail health product called OneHealth.
Motor busibess, which constitute 75 per cent of its premium income till this fiscal, will decline in the total share of revenue to about 60 per cent, he said.
Commercial generates about 21.5 per cent for the company.
Magma HDI said after incurring loss of Rs 12 crore in 2015-16, the new entrant had posted a profit of Rs 6.3 crore in the last fiscal on a premium income of Rs 423 crore.