The healthcare insurance industry in India faces massive losses on account of disbursals of as much as Rs 600 crore on “false claims” every year, a new study has found.
According to a survey conducted by MediAssist, the estimated number of false claims in the industry is estimated at around 10-15 per cent of total claims. The total premium collection for medical insurance firms in the country is about Rs 4,000 crore, while total claims amount to about Rs 4,300 crore in a year, which puts the value of false claims at about Rs 400-600 crore. This means that the healthcare insurance industry is recording an annual loss of around Rs 300 crore.
“In our sample, we found nearly 25 per cent of claim cases that could be categorised under ‘false claims’ but as the sample size increases we believe this would settle to 10-15 per cent, which amounts to Rs 400-600 crore,” MediAssist CEO B Madhavan said.