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Jan 23, 2009

Actions To Stop Forgery In Insurance Claims

Faced with losses in health insurance segment due to bogus claims, insurance companies were making efforts to prevent the misuse of the schemes, a top official of Oriental Insurance Co Ltd said today. As a first step, the insurance companies had approached the union Health Ministry to streamline various norms so that the scheme cannot be misused, M Ramadoss, Chairman and Managing Director of the company told reporters here.


Stating that the company registered Rs.120 crore loss in the segment during 2007-08, Ramadoss said the health insurance segment was witnessing a growth compared to other segments. The general insurance as a whole was witnessing decline in growth due to economic slowdown across the globe, he said adding that premium from motor vehicles has also went down, since only 17,000 heavy vehicles were manufactured this year as against 55,000 last year.



When asked about mmediate revival of the sector, Ramadoss said instead of concentrating of usual segments, the company was looking at the insurance cover like household articles and insurance against terrorist attacks and also rural infrastructure development. On new products, he said that a policy was in the offing in which there would be no depreciation for renewal of vehicles.

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