India’s standalone well being insurers grew two instances quicker than the final insurance coverage business in FY24, ToI reported on April 12 citing knowledge from the Common Insurance coverage Council.
The overall insurance coverage business recorded an annual premium of near Rs 2.9 lakh crore for FY24, marking a 13% rise from the earlier fiscal 12 months’s Rs 2.6 lakh crore. Equally, the 5 standalone medical insurance firms noticed a major 26.2% improve in complete premium, climbing from Rs 26,243 crore to Rs 33,115 crore throughout the identical interval. These statistics are based mostly on preliminary knowledge launched by the council.

The rise of standalone medical insurance firms’ development may be credited to bigger coverage sizes, as they introduce high-value insurance policies price crores. Premium charges have been adjusted to match medical inflation, and protection has expanded, insurers revealed.

Evaluation of Irdai’s FY23 report by Emkay Finance reveals retail medical insurance premiums grew steadily at 20% CAGR from FY12-19. Nevertheless, between FY19-23, the premium development charge slowed barely to 19%, whereas protection growth was restricted, with solely a 5.9% improve within the variety of insured people. The expansion was primarily pushed by value and sum assured changes.

Within the 11 months main as much as Feb 2024, medical insurance premium reached Rs 98,716 crore, a 20% rise from final 12 months’s Rs 81,997 crore. This determine encompasses well being premium from normal insurers and SAHI firms, with medical insurance’s share for this era growing to 37.5% from 35.2% within the earlier 12 months.
Two new gamers, Galaxy Well being and Narayana Healthcare, enter the medical insurance market alongside Star Well being, as per V Jagannathan and Surgeon Devi Shetty.

Whereas medical insurance premiums are on the rise for many normal insurance coverage firms, slower development in segments like motor is holding again their general efficiency, officers revealed. The business is but to publish detailed knowledge for the complete 12 months. Specialised insurance coverage sectors, notably Agriculture Insurance coverage Firm and ECGC, have contributed to the non-life business’s sluggish development this 12 months. Agriculture insurance coverage witnessed a major 32% decline in premiums, falling from Rs 14,619 crore final 12 months to Rs 9,919 crore.

Non-public insurance coverage corporations noticed a strong 14% improve in premiums, reaching practically Rs 2.5 lakh crore from final 12 months’s Rs 2.1 lakh crore. Amongst authorities insurers, Oriental Insurance coverage confirmed the very best development at 17%, whereas Nationwide Insurance coverage lagged at beneath 1%. Non-public insurers and SAHI corporations collectively boosted their market share by one proportion level.

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