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India health insurance market: Fastest sector in insurance industry

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Personal Accident and Health Insurance in India, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-28 23:02:04
In terms of gross written premium, the Indian personal accident and health insurance segment recorded the fastest growth in the country´s insurance industry. The increasing middle-class population added to the growth of the health insurance category, while changing demographics, an increased focus on the work culture and urbanization have resulted in a high demand for better-quality healthcare.

To further support growth in the Indian health insurance category, India´s Insurance Regulatory and Development Authority (IRDA) is taking steps to make it easier for foreign health insurers to enter the health insurance category.

Despite the global economic crisis, the Indian personal accident and health insurance segment continued to record healthy growth during the review period. The increasing middle-class population added to the growth of the health insurance category, while changing demographics, an increased focus on the work culture and urbanization have resulted in a high demand for better-quality healthcare.

The largest category in the personal accident and health insurance segment is health insurance, which generated 88.5% of the market´s total written premiums in 2012. The personal accident and health insurance segment in India is highly concentrated, with the top ten companies collectively accounting for 90.6% of the segment´s total written premiums in 2012.

Over the forecast period, the segment is expected to record strong growth due to the nation´s increasing population, a rise in domestic and international travel, plus a greater public awareness of health insurance benefits as key companies expand their product portfolios.

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Mike King
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