Health Insurance Premium to surpass Rs. 15000 Crore by 2012-13: IMRS Research

The health insurance industry in India has been witnessing phenomenal growth in recent years. This segment has emerged as one of the most focused area for the insurance companies operating in Indian market. The rising healthcare cost, high proportion of out of pocket spending along with favorable policy and regulatory framework has led to the phenomenal growth of health insurance industry in India. Beside these fundamental factors, increasing level of investment in private healthcare facilities by domestic and international healthcare service provider and improving level of awareness among Indian consumers has also fuelled the growth of health insurance industry in recent years.

According to Insurance Regulatory and Development Authority (IRDA), the health insurance industry premium rose to Rs.6088 Crore during 2008-09 from Rs.4894 Crore during 2007-08. Besides this, the premium collected by standalone health insurers rose to Rs. 535 Crore during 2008-09 from Rs. 156 Crore in 2007-08. The share of health insurance premium in overall non life segment has rose to 20.06% in 2008-09 as compare to 17.59% in 2007-08. The market has been dominated by Non-Life- Public companies with market share of more than 50% during 2008-09.

We at IMRS anticipate the health insurance premium to surpass RS.15000 Crore mark by 2012-13 as compare to 2008-09 insurance premium level. The market will be driven by improving healthcare facilities across the country especially in private sector along with increasing level of penetration by insurance companies into tier-II and tier III cities. The associated income tax benefit with the health policy and increasing number of tie ups between insurance companies and hospitals will also contribute towards the growth of industry premium in coming years. IMRS perceives no major challenges towards the growth of health insurance industry in India in near future. The health insurance market in India is still unexplored with total health insurance penetration below 5% level.

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This release was published on openPR.