Max Bupa Health Insurance Eyes Three Fold Increase in Premium Collection by End 2012

Max Bupa Health Insurance is looking forward to booking a three-fold rise in premium collection by the end of 2012. ‘We are aiming for Rs 200 crore in premium collection this calendar year,’ said Max Bupa CEO, Damien Marmion at a press conference on Tuesday. ‘We have infused Rs 40 crore into the company every quarter, and would continue to do so,’ he added.

'The next product from Max Bupa will be a fixed-benefit plan, which will incorporate critical illness and hospital cash. With the IRDA’s permission, we plan to launch the new plan by the next quarter,’ Mr Marmion said.

The firm, which commenced its India operations in 2009, expects to break even in the next three years. ‘If the growth continues, we expect to break even by 2015,’ he added.

The company is a joint venture between Max India and British healthcare provider Bupa. It collected Rs 70 crore as premium in 2011. It presently has four products in the market, a mix of both individual and group insurance schemes, including its flagship Heartbeat.

Max Bupa currently covers 1,100 hospitals for cashless options and the number is growing. It aims to cover about 1,400 hospitals by the year-end.

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Source-Medindia