The country is witnessing advent of global reinsurance companies such as SCOR and Axa Re of France that would benefit the primary insurers in terms of reduced volatility of underwriting results, capital relief and flexible financing, access to reinsurer's expertise and services etc. At present, seven global players - Swiss RE, Munich Re, Hannover Re, Lloyd's, XL Catlin, RGA and Gen Re have already received approvals from insurance regulator IRDAI, while two prominent global reinsurers, SCOR and Axa Re of France, have initiated the process of setting up operations in the country.
The health insurance industry in the country has evolved significantly in past decade with the digitalization, increasing FDI limits, and trending combination plans. The embracing of technology has brought in revolutionary changes in the industry as industry players are now assigning chat bots to better manage the operations. Health insurance is the fastest growing sector with the CAGR of around 17% during the period 2011-12 to 2015-16 as per RNCOS analysis.
According to our report, “Health Insurance Market - The Changing Dynamics”, the group health insurance schemes have a dominating share of around 48% followed by individual health insurance schemes and government sponsored health insurance scheme. While government sponsored health scheme continued to lose its share, Individual health insurance schemes continued to grow the fastest at a CAGR.
The health insurance industry in the country has undergone a transition with digitalisation, emergence of Internet of Things (IoT). The transition offers an opportunity to the industry stakeholders by a large underinsured population to tap the industry that has witnessed low penetration in the past on account of low consumer awareness. However, the health insurance industry is expected to propel in the future on account of the increasing healthcare cost, rising consumer awareness and improved initiatives by the government.
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