NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2011/07/04 - The Indian health insurance segment is growing at a fast pace due to the rising participation of private players for increasing their penetration in all parts of the country, says RNCOS.
According to our latest report “Booming Health Insurance in India”, the Indian health insurance market has surpassed other verticals to become the second largest segment in the non-life insurance market. The market owes its stupendous growth rate to the rising health consciousness and concerns over scaling healthcare costs, both in the urban and rural areas. Thus, the segment overcame the unfavorable economic environment to sustain its double-digit growth rate during 2010-11. Moreover, with the government playing a big role in promoting health insurance penetration in India, the health insurance premium is expected to grow at a CAGR of 28% during the forecast period of 2011-12 to 2013-14.
India health insurance market has a lot of potential as over four-fifths of the Indian population currently pays for health services out of pocket. Being largely untapped, the market offers huge growth opportunities for the private players. Although the market is presently dominated by the public sector insurers, the private insurers can surpass them through provision of innovative customized policies to fit the requirements of different classes of the society. With enough support from the regulatory authorities, the private players are also looking to move into the rural areas, as millions of households lack health insurance.
We have conducted extensive research and prudent analysis of the Indian health insurance market to derive the prominent trends and drivers that would serve as the propelling force for the industry in coming years. Additionally, we have provided an in-depth overview and potential of the rural health insurance market, with a special focus on ways to increase penetration in these areas.
Our report,“Booming Health Insurance in India”, provides a deep insight into the Indian health insurance through depiction of its past, present, and future scenario with due consideration given to the effects of global economic crisis on base drivers and opportunities. It also provides comprehensive information on various industry parameters, such as regulatory framework and industry roadblocks. The market scenario, drivers, and trends, and competitive landscape covered in the report would enable clients to understand the market structure and accordingly formulate future growth prospects.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.