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Booming Health Insurance in India
RNCOS E-Services Private Limited, July 2011, Pages: 65
The Indian Health Insurance industry is one of the most prolific ones in the world, with a large untapped potential for public and private insurers alike. Being the second largest segment in the non-life insurance vertical of the industry, health insurance has picked up pace in the last two fiscals and is set to reach new heights in the coming few years. Due to rising healthcare costs and awareness in the country, we expect the health insurance segment to grow with gross premiums scaling up to a CAGR of around 28.5% during 2011-12 - 2013-14.
As a result of better reach and government incentives, the market is dominated by public sector insurers. These companies also hold a major share due to their reach in the rural population, which is about 70% of the country’s total population. Considering this factor and the rising support from the regulatory authorities, the private health insurers are also increasingly penetrating the rural segment with the scope of surpassing the public sector companies in the next few years.
According to our latest research report “Booming Health Insurance in India”, although Indian health insurance market has seen rapid expansion during the past couple of years, it remains largely underpenetrated due to various shortcomings that need to be addressed. We have identified some of the critical shortcomings including low awareness, non-coverage of out-patient care & existing diseases, inefficient cost management, lack of a credit bureau for insurance sector, and weak retail distribution model.
The report provides relevant statistics and in-depth analysis on Indian health insurance market. It highlights all the emerging trends including the key factors driving the market growth and the key challenges confronted by the industry. Additionally, through in-depth analysis of the industry, we have provided an overview of the rural health insurance segment with a focus on its potential. The report also identifies other possible growth areas for expansion and provides a detail overview of the competitive landscape.
Moreover, the report presents industry forecast based on correlation of past drivers, challenges, and opportunities for expansion. In this way, the report provides a comprehensive and coherent analysis of the Indian health insurance market that will certainly prove decisive for clients.
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