Health Insurance Companies Market Share In India
In the non life insurance sector private companies had a market share of 54 68 in fy 19 as of jan 19.
Health insurance companies market share in india. According to irda private health insurance companies have doubled their market share in health insurance during every financial year since 2004 india by selling health insurance products in delhi mumbai chennai kolkata pune india. Ranks are given according to market capitalization of the companies on sep 01 2018. The market share of private sector companies in the non life insurance market rose from 15 per cent in fy04 to 56 per cent in fy21 till april 2020.
The market witnessed a robust double digit growth of 24 in fy 17 with a market share of 24 in the entire non life insurance sector. Max bupa health insurance co. Gross premiums in india reached 94 48 bn in fy 18.
However the share of life insurance business for india was very high at 73 85 percent while the share of non life insurance business was at 26 15 percent. India s share in global life insurance market was 2 61 percent during. Health insurance in india still remains an untapped market in a country where less than 15 per cent of population has some form of health insurance coverage the potential for the health insurance segment remains high.
In life insurance business india is ranked 10 th among the 88 countries for which data is published by swiss re. In life insurance segment private players had a market share of 31 3 per cent in new business in fy20. Currently there are 24 insurance companies who are providing health insurance products in india.
Trust india brand equity foundation ibef. The overall market for insurance is expected to be 280 bn by 2020. In the life insurance sector private companies had a market share of 33 74 in fy 19 as of jan 19.
A showcase of insurance companies in india incl. The health insurance industry in india is the fastest growing segment in the non life insurance sector. It seems that there is an urgent need to ramp up the health insurance coverage in the country as out of pocket payments are still among the highest in the world.
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