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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). |
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| It is a good optimistic estimate. Research and Analysis Wing of Insurance Foundation of India has done analytical study of these figures: |
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| 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: |
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- Retail: Rs. 24186 Crores
- Group: Rs. 34938 Crores
- Government: Rs. 5660 Crores
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| 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. |
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| 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. |
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We have drawn graphs for 5 years by taking figures of 2022 - 23 and we find that in the year 2028 this will touch:
- @Growth rate of 20% retail figure will touch Rs. 96744 Crores.
- @Growth rate of 30% retail figure will touch Rs. 156385 Crores.
- @Growth rate of 45% retail figure will touch Rs. 205011 Crores.
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| 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. |
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| Let us look at last 5 years figures (2018-2022) of health insurance (retail, corporate and government) and graph: |
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| Year |
Rs. in Crores |
% Growth |
| 2018 |
37029 |
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| 2019 |
44872 |
21 |
| 2020 |
50758 |
13 |
| 2021 |
58238 |
15 |
| 2022 |
73051 |
25 |
| Avg. Yearly Growth |
18.5 |
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| IFI Major finding is: "Average growth over 5 years (2018-2022) has been 18.5% for overall health insurance premium". |
