Health Insurance Market 2022, It is expected to reach INR 2,517.90 Bn by FY 2027

Quadintel published the latest research report on the Health Insurance market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Health Insurance market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

Market insights

Nearly 950 million individuals (or 215 million families) are eligible for health insurance. However, the actual coverage is low since not all households eligible for government-subsidized insurance are covered at present. Also, there are overlaps between different health insurance schemes.

The health insurance market was valued at INR 1,886.25 Bn in FY 2021. It is expected to reach INR 2,517.90 Bn by FY 2027, expanding at a CAGR of ~5.12% during the FY 2021 ? FY 2027e period. Since government-subsidized schemes are expected to cover the eligible population, the potential health insurance coverage is of 70% (based on the existing landscape).

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Technology insights:

Technology can help in optimizing processes, reducing costs, and expanding the customer base of market players. Health insurance firms have invested in innovative technologies such as automation, AI, and big data. Internet of Things (IoT) helps in deriving extensive data and insights to curate risk management tools and systems. Furthermore, it helps in strengthening customer information repository, enabling firms to offer timely and pertinent coverage based on individual needs. As IoT can generate large volumes of client data, brokers also offer additional value-added services through data analysis and management.

Impact of COVID-19:

In the wake of the pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) issued several directions to ensure business continuity of insurance providers and intermediaries. The IRDAI had granted an extension of the payment of health and motor vehicle third-party insurance with due date between March 25, 2021, and May 3, 2021, to renew their policy by May 15, 2021. Furthermore, the grace period for health insurance policy renewal, which was in March 2021, was extended to May 31, 2021.

The health insurance market has witnessed the adoption of group insurance products in view of the pandemic. Edelweiss-Gallagher, a composite health insurance firm, has launched a group insurance product for the informal sector. The plan covers factory workers, food delivery agents, and frontline workers in healthcare and pharmaceutical industries.

Competitive insights:

Emerging health insurance companies occupy the highly competitive health insurance space. With high demand, at present public and private players are aiming at increasing their offers and improve the quality of service, to dominate the market. The players are focusing on scaling up their businesses and portfolios to address the high potential of the market.

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Table of Contents:

Market Overview
Market Definition and Scope
Market Dynamics
Market Industry Analysis
Market, Regional Analysis
Analysis of Leading Companies
Competitive Intelligence
Research Process
Market Analysis and Forecast, By Product Types
What aspects regarding the regional analysis Market are included in this report?

Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
The report offers detailed analysis of leading companies in the market across the globe.
It provides details of the major vendors involved in the Market including Key Players
A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
the manufactured products is incorporated in the report.
The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

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