Magma HDI aims at 20% business from health insurance

Rajive Kumaraswami, MD and CEO, Magma HDI. (Photo: Debasish Bhaduri)

Magma HDI General Insurance Company, which is majorly into commercial insurance space, expects health insurance to account for 20 per cent of its total business in the next three years.

According to Rajive Kumaraswami, MD and CEO, Magma HDI, health and accident currently account for a little over three per cent of its total business. As on March 2017, the insurer’s gross written premium was close to Rs. 423 crore.

“Our basic strength has been in motor with nearly 80 per cent of our business coming in from this segment. Moving forward our focus will be on health, motor and commercial insurance,” Kumaraswami said at a press conference here on Monday.

He said this while announcing the launch of OneHealth – a health insurance plan which would cover significant medical conditions as well as lifestyle diseases like lasik, bariatric surgery and psychiatric treatments among others.