There have been several questions asked about the insurance sector in India such as; What is the growth rate of health insurance in India? What is the fastest growing insurance branch in India? In this post, I will be answering these questions.
One of the most important studies about the health insurance sector in India is carried out by Ernst&Young. This study can be found HERE. According to this study, India is an emerging market for insurance and the number of people who is insured is so low compared to the population of India. In this sense, the insurance companies in India are working quite intensively in order to increase the ratio of insured citizens in india. The study done by Ernst&Young claims that health insurance is the fastest growing insurance branch in India. The reasons for this issue can be found in the study under the heading of ‘The prospects of healthcare in India’.
Key Drivers of Health Insurance Growth In India
Jagendra Kumar on Bimabazaar explains the key drivers for insurance growh as;
- The growth in the retail sub-segment
- Increasing maturity of the market
- Selling insurance through ecommerce platforms
- Insurance companies offering more effective products with better coverages.
Thus, as a result of the above issues, the health insurance sector in India is on a growing trend.