- Rs. 5 Lakh Coverage @ Rs. 12.9/Day
- 7 Lakh+ Happy Customers
- 100%Free Health Check-up
- 10,000+Hospitals for Cashless Treatment
We promise limited calls
Pvt Health Insurers are Gaining by Covering More People, but are Losing Out on Premium
- DetailsWritten by PolicyBazaar -
- Hits : 1492 -
Modified 14 April 2014
65% per cent of population is covered by private players but state owned firms score over them by collecting 61% as premium.
Close to 65 per cent of the population has health insurance and is covered by private players but even then they are losing out to state-owned firms as the latter account for over 61 per cent of the premium collections.
Private health insurers have outperformed the public insurance companies by covering 65% of the population.
However, in terms of premium it is the public insurance companies that are leading as they account for maximum share of over 61 per cent in premium arising out of health insurance.
Private health insurance will continue to lead in terms of covering the non-vulnerable, the middle class and higher income segments of the population as they can afford to buy it.
In case of channel-wise distribution of medical insurance, individual agents contribute majorly by providing business with 72.9 per cent share.
However, direct business is the sole contributor in terms of premium collection with around 37 per cent share, followed by individual agents (31.6 per cent) and brokers (21.4 per cent).
Referrals contribute a negligible 0.1 per cent in terms of both the numbers of policies sold as well as the medical insurance premiums collected.
The population residing outside the metros and Tier-I is a bigger challenge for the industry as it results in huge cost of customer acquisition and operations.
It added that reducing the coverage gap is a major challenge for the insurance industry as the public spending on health is quite less and also high levels of informal or unorganized labor, a greater dispersed rural population, high levels of poverty and fewer providers serving the poor make the problem more severe.
It has been found through a study that government priorities for healthcare financing are such that they cover the basic goals of affordability, reach and quality of services.
- Most Read
- Everything You Need to Know about HDFC ERGO Health Insurance Policy
Date: 22 August 2018
- Guide to Health Insurance Plans Offered by Star Health Insurance
Date: 17 August 2018
- Should you Include Your Parents in Employer’s Group Health Insurance?
Date: 13 August 2018
- Tips to Buy and Renew Cigna TTK Health Insurance Online
Date: 23 July 2018
- What you need to know about the Group Health Insurance Today?
Date: 19 July 2018
- Top 10 Health Insurance Companies in India
Views : 340188
- List of Health Insurance Companies in India
Views : 190693
- Top 5 Maternity Insurance Plans
Views : 175228
- Health Insurance Claims Ratio- Things You Should Look Before Buying Health Insurance
Views : 106604
- How does GST Impact your Insurance Premium?
Views : 65175