Hesitant health insurers get a regulatory prod to expand coverage

Until recently, Indian insurers hesitated to offer new health insurance products, resulting in its low uptake. Recent Irdai relaxation targets this laggard retail business

Few Indians sport a health insurance cover. This is a good reason why the sector regulator, Insurance Regulatory Development Authority of India (Irdai) wants companies to sell more of this business. As a percentage of GDP (insurance penetration) health insurance is just 0.35. As a measure of social equity the number is abysmal.

All insurance companies selling health have welcomed a gazette notification issued by the Irdai that came into effect from April 2024. It says insurers shall ensure that they offer health insurance products to cater to all the age groups. 

Going by the Irdai notification, there is no