15% of the Population is Covered Under Health Scheme...!

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.

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

Share: