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Review of Avendus Study “Retail Health Insurance: A Large Whitespace”
Avendus Study Insurance Premium Growth
This report published in January 2023 came out with estimates that by 2028 Indian Retail Health Insurance premium will be USD 25 billion (Rs. 205000 Crores).
It is a good optimistic estimate. Research and Analysis Wing of Insurance Foundation of India has done analytical study of these figures:
As per statistics of General Insurance Council Health Insurance Premium for 9 months (2022-2023) period ending on December 31, 2022 was Rs. 64784 Crores which is divided into:
  1. Retail: Rs. 24186 Crores
  2. Group: Rs. 34938 Crores
  3. Government: Rs. 5660 Crores
General Insurance Councii Health Insurance Premium
If we make projections of these figures for the whole year then Health Insurance figure should touch Rs. 87257 Crores for the year ending 31 March 2023.
Let us be specific and be highly focused on Retail figures then we should end up the year ending on March 31, 2023 with figure of Rs. 32400 Crores.
We have drawn graphs for 5 years by taking figures of 2022 - 23 and we find that in the year 2028 this will touch:
  1. @Growth rate of 20% retail figure will touch Rs. 96744 Crores.
  2. @Growth rate of 30% retail figure will touch Rs. 156385 Crores.
  3. @Growth rate of 45% retail figure will touch Rs. 205011 Crores.
This shows that if Avendus projections are to be achieved by 2028 then the retail figure of Health Insurance premium should increase by 45% year after year.
Let us look at last 5 years figures (2018-2022) of health insurance (retail, corporate and government) and graph:
Year Rs. in Crores % Growth
2018 37029  
2019 44872 21
2020 50758 13
2021 58238 15
2022 73051 25
Avg. Yearly Growth 18.5
IFI Major finding is: "Average growth over 5 years (2018-2022) has been 18.5% for overall health insurance premium".
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