India health insurance industry to surpass $23 billion by 2028
By MYBRANDBOOK
The Indian health insurance industry is set to grow at a compound annual growth rate (CAGR) of 12.8% from INR1.3 trillion ($15.1 billion) in 2024 to INR2.0 trillion ($23.8 billion) in 2028, in terms of gross written premiums (GWP).
As per GlobalData, the share of health insurance in the Indian insurance industry increased from 6.9% in 2019 to 9.5% in 2023 and is projected to reach 11.0% in 2028. The country’s health insurance industry is expected to grow by 15% in 2024, driven by favorable regulatory changes, high medical inflation, and increased awareness of healthcare.
The Indian health insurance industry has witnessed impressive growth since the onset of the COVID-19 pandemic. In 2023, it grew by 17.8%, driven by rising out of pocket expenditure towards healthcare, growing awareness of health insurance due to the increasing risk of lifestyle diseases, and easing insurance accessibility due to digitalization. The trend is expected to continue in 2024 and 2025.”
Secondly, Health insurance premiums are on the rise in India due to the high demand for private healthcare. Rising service costs and technological advancements have also pushed up health insurance premium rates over the last couple of years. The trend is expected to continue in 2024, which will support the growth of health insurance.
Expert says, favourable regulatory developments aimed at increasing health insurance penetration and promoting inclusivity will also support health insurance growth. Effective from April 01, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) removed the age cap of 65 years to buy health insurance policies. This will encourage uninsured or underinsured consumers in this high-risk age group to review their health insurance coverage.”
Secondly, the rising demand for health Insurance can also be attributed to the digitalization efforts of new-age insurers aimed at expanding insurance accessibility using digital platforms. This has led to the adoption of disruptive technologies by insurers to stay ahead of the competition.
From underwriting to risk analysis, digitalization has taken over many insurance processes to improve operational efficiency. Artificial Intelligence (AI)-powered chatbots and virtual assistants have helped insurers in personalizing their customer service.
Going forward, AI/ML-enabled tools not only help in guided selling and effective outreach but also identify frauds and irregularities in the claim process. This is helping insurers in reducing their costs and improving the overall product offerings.
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