Health insurers pip non-life segment in premium growth

Standalone health insurers have posted a higher rate of premium growth than the non-life insurance segment. According to data from the Insurance Regulatory and Development Authority of India (IRDAI), health insurance companies have posted a 34 per cent in gross premium underwritten in the April to October period compared to a year ago.  The non-life industry posted a 32 per cent growth in premiums on a year-on-year basis in the same period.

Currently, there are six insurers that underwrite health insurance policies. These include  Star Health Insurance, Cigna TTK Health Insurance, Apollo Munich Health Insurance, Max Bupa Health Insurance, Religare Health Insurance. 

Aditya Birla Health is the most recent addition that commenced operations in October.

The private general insurance sector saw a growth of 32.6 per cent in the April-October period compared to same period last financial year. The public sector insurers, saw 31.5 per cent growth in the same period. Overall, public sector insurers had a market-share of 47.87 per cent while that of the private sector stood at 44.76 per cent.

Among private sector, standalone health insurers had a market share of 3.64 per cent. The Insurance Laws (Amendment) Act recognises standalone health insurers as a separate category. The health insurers collected health insurance premium of Rs 2646.55 crore in the April to October period, compared to Rs 1974.61 crore in the same period last year.