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

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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.


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