Health insurance's share in non-life insurance premiums rises 36%

-

Ahmedabad. Wednesday, August 26, 2020

The Corona epidemic has brought significant changes to the Indian insurance industry and for the first time in the non-life segment, health insurance premiums have overtaken motor insurance premiums.

According to the General Insurance Council's data on industry performance for the first two months of FY 2020-21, the health insurance segment accounted for 9 per cent of the total non-life insurance premiums, against which the motor insurance segment has a stake.

In the fiscal year 2020-21, the total premium income of the health insurance business during April-May was US ૧ 1.7 billion, up from US ૧ 1.1 billion in the same period last year, while motor insurance premium revenue was US ૯ 206 million. It was ૪ 1.5 billion in the same period last year. However, premium revenue has declined due to declining vehicle sales due to the lockdown.

As health insurance premiums have risen in the general insurance segment due to the epidemic, consumers are opting for holistic health insurance with a higher amount of insurance instead of targeted cover and this trend is expected to continue in the future. Retail health insurance coverage is only 3%. According to a study by Religare Health Insurance, people in the country spend 4% of their savings on health care, which is a staggering figure.

Speaking of the health care sector, we need to understand that according to one estimate, health care spending in India is increasing by 20 per cent every year, more than double the overall inflation. The country has a shortage of 1.5 million doctors and 3 million hospital beds. In addition, only about 5% of middle class people have health coverage.

Given the opportunities available at the moment, insurance companies have also launched special health policies for Corona and are focusing on affirmations through digitization. In this situation, it is certain that consumers will get excellent practice at a reasonable premium in a highly competitive market.


Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more