India News | Standalone Health Insurance Industry to See 20pc Growth in FY'21
Get latest articles and stories on India at LatestLY. Standalone health insurers are expected to witness an average 20 per cent growth in premium collection in the current fiscal, as demand for health cover has increased significantly in the wake of the COVID-19 crisis, an official said.
Kolkata, Aug 24 (PTI) Standalone health insurers are expected to witness an average 20 per cent growth in premium collection in the current fiscal, as demand for health cover has increased significantly in the wake of the COVID-19 crisis, an official said.
The premium collection by these companies grew by 40 per cent in July this year, he said.
Also Read | Gorakhpur Man Honey-Traped by ISI Using Sex Worker in Karachi, Detained.
"For the whole year, I hope we will be able to retain previous year's growth, which is about 20 per cent," Religare Health Insurance's products and business process head Ashutosh Shrotriya said.
Religare Health Insurance Company Ltd has been renamed as Care Health Insurance Ltd.
The premium collection in the first two months of the current fiscal was down due to the lockdown but the industry has started witnessing a revival in revenue mop-up from June, Shrotriya said.
He said people want to reduce risk in the current COVID-19 pandemic and this will act as a catalyst for surging demand for health insurance products.
There has been a buying-spree for health insurance plans but such enthusiasm is expected to fizzle out in coming months, he added.
The penetration of individual health insurance in India is only around three per cent.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)