RNCOS, a leading market research firm, says in its new report, “Booming Insurance Market in India (2008-2011)” that on the back of increasing health insurance awareness, rising healthcare cost and government initiatives, the total health insurance premium in India is projected to grow at a CAGR of 31.5% during 2007-2015.
As per the report, Insurance Regulatory & Development Authority (IRDA) has recently taken many initiatives to promote health insurance industry in India. One of the foremost important initiatives is that IRDA has amended the Insurance Act 1938 and has made recommendations to the government to define a standalone health insurance company and prescribe separate norms for the capital structure and solvency requirements for such companies. It will increase the interest of health insurers by making it easier to enter the Indian health insurance market.
The research report expects two or three players to enter the health sector in the years to come. Currently, Star Health and Allied Insurance and Apollo DKV are the only two stand-alone health insurance companies, while US-based Aetna and Cigna Healthcare and UK-based Bupa Healthcare are looking to enter the market.
Also, IRDA has asked insurers to cover existing diseases on marginal extra cost, which will further boost the health insurance industry in India.
“Booming Insurance Market in India (2008-2011)” provides a comprehensive research and prudent analysis on the Indian insurance market. This extensive research will help the clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the insurance market in the country. This study gives an overview on the various factors driving the insurance industry, together with the forces that are blocking the growth of the industry.
This research supplements the past and current information on the Indian insurance market with forecast on various important industry aspects, including GDP, rural & urban population, employment growth, outbound tourists, lending by financial institutions, medical equipment market, IT spending, Health insurance premium and non-life insurance market.