by Mr. V. Jagannathan, Star Health and Allied
Insurance Company.
Health insurance in India has huge potential, but
largely untapped yet. Healthcare spend in the country is estimated at Rs.
2,00,000 crore, whereas the penetration of health insurance remains very low
mainly on account of lack of awareness among consumers.
Thanks to various State and Central government
schemes, 15% of the population is covered under one or other health scheme. Out
of that, only 2.2% of the population is covered under private health insurance.
In 2014-15, the industry as a whole had generated Rs. 20,443 crore of health insurance premium with 15.6% growth over the previous year.
However, going by the recent metrics from the
industry, I can confidently say the industry has gathered momentum, and will
scale new heights in the coming years.
All these days awareness about health insurance
was prevalent only amongst select urban population, and people in rural areas
are mostly unaware of its advantages.
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| V. Jagannathan, Star Health and Allied Insurance Company |
Now the trend is gradually changing & people
from tier-II and -III markets also participate in health insurance schemes to
ensure their financial stability, so much so that we have designed a product to
cater to the needs of these individuals.
Last year, we have performed exceedingly well
with a premium income of Rs. 1,472 crore registering a 35% growth over the
previous year.
By this we could secure that distinction of
becoming the No.1 amongst standalone health insurers and 5th amongst all
general insurers in health insurance premium collection.
Our current market share is 7.04%. Also, our
claims ratio is far below the industry average.
About V. Jagannathan ..
Mr. V.
Jagannathan is Chairman & Managing Director at Star Health and Allied
Insurance Company
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