subject: Rapid Modernization Swaying Indian Health Insurance Industry Ahead [print this page] In India, the health insurance sector is going through a phase of modernization as the insurance companies are focusing on accessibility and management of policies. The realization of providing better and convenient access to treatments to the people comes from the advent of fast communication media, such as the internet. Hence, the insurance companies are adopting steps to help people buy, manage, and claim for health policies via online portals. With this major development, the field of health insurance in India is anticipated to receive a major boost as a huge number of people would be attracted towards obtaining an e-policy due to sheer convenience offered by it. On this ground, gross premiums in health insurance are anticipated to scale up at a CAGR of around 32.5% during 2010-11 to 2013-14, says our new research report, Booming Health Insurance in India.
The Indian insurance market is one of the fastest growing in the world, mainly due to vast population and its huge potential. The health insurance segment holds a prominent share in the overall industry, i.e. expected to increase in the coming years as people are becoming more conscious about their health, and healthcare costs are rising in the country. Though the global industry was hit during recession, the Indian health insurance sector continued to grow, posting an increased performance during 2010-11.
Our research identified that public sector non-life insurers dominate the health insurance market, and less than half of the market (by premiums written) is made up by private firms. However, with the entry of new private players in the Indian health insurance market, the dominance of public non-life insurers will definitely dilute.
The report also provides an overview of the rural health insurance segment, and expects that the number of uninsured rural households will decrease with time. Various Insurance Regulatory and Development Authority (IRDA) acts and amendments have also been studied to understand the regulatory framework for the industry. The research also looks into the profiles of various players in public and private sectors to present a competitive landscape and a balanced outlook of the Indian health insurance industry to clients.
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by: Shushmul Maheshwari
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