MSME Businesses – Health Insurance Industry

As per a Economic Times Insurance report, Health insurers leave general insurance industry far behind in growth in FY24. India’s standalone health insurers grew two times faster than the general insurance industry in FY24, ToI reported on April 12 citing data from the General Insurance Council. The general insurance industry recorded an annual premium of close to Rs 2.9 lakh crore for FY24, marking a 13% rise from the previous fiscal year’s Rs 2.6 lakh crore. Similarly, the five standalone health insurance companies saw a significant 26.2% increase in total premium, climbing from Rs 26,243 crore to Rs 33,115 crore during the same period. These statistics are based on preliminary data released by the council. Analysis of Irdai’s FY23 report by Emkay Finance shows retail health insurance premiums grew steadily at 20% CAGR from FY12-19. However, between FY19-23, the premium growth rate slowed slightly to 19%, while coverage expansion was limited, with only a 5.9% increase in the number of insured individuals. The growth was mainly driven by price and sum assured adjustments.

(Source: https://economictimes.indiatimes.com/industry/banking/finance/insure/health-insurers-leave-general-insurance-industry-far-behind-in-growth-in-fy24/articleshow/109236803.cms?from=mdr)

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