New India Assurance to raise health insurance prices by up to 10%: Report

New India Assurance has announced a price increase of up to 10% for certain health insurance products. This adjustment affects approximately 25% of its health insurance portfolio, CNBCTV18 reported.

As per ET Now, New India Assurance will raise premiums by 10% on nine health insurance products from November 1, 2024.

The move comes as a response to rising loss ratios and new IRDAI regulations, it added.

New India Assurance stock price

The New India Assurance Company is trading 3.03% upper at ₹288.65 on BSE as compared to its last closing price. The New India Assurance Company has been trading in the price range of 297.65 & 278.55. The New India Assurance Company has given 33.24% in this year & 3.49% in the last 5 days. The company posted a net profit of 310.88 Crores in its last quarter.

Prabhudas Lilladher expects New India Assurance share price to double in 18 months

In its latest BEAT report, Prabhudas Lilladher has spotlighted The New India Assurance Company (New India Assurance) as a standout performer in the Indian general insurance sector. The company leads the market with a 12.78% share, valued at ₹37,035 crore. With over 105 years of experience and an 85.44% stake held by the Government of India, New India Assurance is recognized as the largest general insurance provider in India, according to the brokerage.

Prabhudas Lilladher views New India Assurance as well-positioned to leverage its leadership in the Indian general insurance sector. The company is anticipated to gain from new product launches, strong solvency, and a focus on enhancing return on equity (ROE). Supported by the Government of India, New India Assurance is likely to maintain its market share, improve combined ratios, and reinforce its position as the industry leader.