Assocham study states that India’s health insurance premium is estimated to cross an amount of Rs.32,038 crore by 2016-17 from Rs. 13,092 crore in 2011-12 with a 20% of compound annual growth rate (CAGR). D S Rawat, Secretary General of Assocham said that expansion of health insurance market in India is a result of elevated healthcare costs, increasing income levels, financial burden on the poor and the numerous new diseases which have come in picture.
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Talking about the percentage of people covered under the health insurance policy in India, over 65 percent stay in the territory of private companies whereas only 35% are counted under public insurance companies. When talking about health insurance premium share, public insurers acquire 61.5% and private insurers are restricted to 38.5% only.
The number of medical insurance policies sold and premium collected have a very scanty share of referrals i.e. somewhere around 0.1 per cent. Insurance Regulatory Development Authority (IRDA) needs to generate some well planned system to monitor the functioning of private insurers which need to focus the masses instead of just scanning the rich and upper class clients of the society.
According to the Assocham’s study, introduction of well organized management system, cost containing mechanism, strong governance structure and product improvement mechanism is required for the sustainability of successful health insurance sector.
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