Government health business claims volatility
The Gujarat government health scheme may have higher loss ratios due to backlog claims, though 80% is reinsured.
BAJAJFINSV / Q2-FY24 / risks
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Material risks this quarter
medium
Expense ratio normalization pressure
BAGIC's expense ratio may rise as investments in manpower and rural branches continue, impacting near-term profitability.
Competition in crop insurance and government health
Analyst raised concern about sustainability of crop and government health business given competitive pricing and tender-based nature.
BALIC VNB margin compression from product mix shift
Higher share of lower-margin products (ULIP, non-par) and investments in new channels may keep VNB margins below prior year levels.