|
Health Insurance News - www.healthinsuranceindia.org |
|
|
Review of Avendus Study “Retail Health Insurance: A Large Whitespace” |
|
|
|
Let us not forget the fact that as the base figure increases the % increase gets slower and slower. We feel achieving 45% growth in the coming 5 years is a difficult target. |
|
Year |
Premium Growth @20% |
Premium Growth @30% |
Premium Growth @45% |
Premium Growth @50% |
2023 |
32400 |
32400 |
32400 |
32400 |
2024 |
38880 |
42120 |
46980 |
48600 |
2025 |
46656 |
54756 |
68121 |
72900 |
2026 |
55987 |
71183 |
98776 |
109350 |
2027 |
67184 |
92537 |
143225 |
164025 |
2028 |
80621 |
120297 |
207675 |
246038 |
|
|
Retail Health Insurance Premium Growth till 2028 (different % growth rate) |
|
Conclusion: "Gap between Avendus 2028 and projected figures @ 20% growth rate is Rs. 1,27,054 Crores, which is 4 times the figure of 2023" |
|
|
Conclusion: Many initiatives need to be undertaken by all stake holders comprising of Government, Insurers, IRDAI then only yearly growth rate higher than 20% can be achieved |
|
S. K. Sethi the author is Founder & CEO of Insurance Foundation of India. Comments are invited at vp@ifingo.org |
|
|
|
|
|
|
|
|
|
|
|