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January 8, 2014
The health insurance sector in India maintains robust growth with total premiums expanding by 17 per cent in the 2012-13 financial year compared with the previous fiscal year. The total health insurance premiums collected by non-life insurers in 2012-13 stood at INR157 billion (US$2.5 billion) compared with INR134.7 billion in 2011-12, on the back of strong demand.
Health insurance has grown at double digit figures for the past five years, although the growth rate has receded considerably from the high level witnessed during the period from 2006-07 to 2010-11, says the latest annual report of the Insurance Regulatory and Development Authority (IRDA).
The country’s four public sector insurers continue to dominate the segment with their combined share of total health insurance premiums standing at 61 percent for the 2012-13 fiscal year. Private non-life insurers accounted for 28 percent, while the rest was contributed by four standalone health private insurers.
Medical insurance accounted for 22.2 percent of total non-life insurance premiums in 2012-13, more than double the 10.9-percent share in 2005-06.