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Business and Investment Opportunity in the Indian Health Insurance Industry: Analyses and Forecasts to 2016

Published By :

BRICdata

Published Date : Jan 2012

Category :

Health Insurance

No. of Pages : 54 Pages


Synopsis

The report provides detailed market analysis, information and insights into the Indian health insurance industry, including:

  • The Indian health insurance industrys growth prospects with focus on key trends, drivers and challenges faced by the industry
  • The future outlook of various distribution channels in the Indian health insurance industry
  • The current competitive landscape in the Indian health insurance industry and the future outlook
  • The customer targeting strategies and the product innovation strategies followed in the industry
  • The profiles of the major companies in the industry

Executive Summary

Since the liberalization in 2000, the insurance industry in India has been growing considerably driven by multiple favorable economic and demographic factors. The Indian health insurance market grew at a CAGR of 34.00% during the review period and is expected to grow at a CAGR of 23.51% over the forecast period to register the fastest growth among all the insurance sectors. Factors such as robust economic growth, changing demographic patterns such as the rise in double-income no kids families, increased FDI limits and the expansion of distribution channels are expected to contribute to the market growth in the forecast period. 

Of the overall healthcare expenditure in India, only 26% comes from the local, state and central government authorities, while nearly 71% is paid by the patients family. Insurance accounts for just 3% of overall healthcare expenditure in India, indicating a substantial opportunity for the health insurance sector. The health insurance market is dominated by public-sector companies, while the private sector has made gradual progress in the sector. 

Scope

This report provides a comprehensive analysis of the health insurance market in India:

  • It provides historical values for Indias health insurance industry for the reports 20072011 review period and forecast figures for the 20122016 forecast period
  • It offers a detailed analysis of the key sub-segments in Indias health insurance industry, along with market forecasts until 2016
  • It covers an exhaustive list of parameters, including premium per capita, incurred loss, loss ratio and paid claims
  • It details the competitive landscape in the Indian health insurance industry along with the product innovation and customer targeting strategies followed
  • It analyses the various distribution channels for health insurance products in India
  • It profiles the top health insurance companies in India along with snapshots of their major products and services

Reasons To Buy

  • Assess the overall healthcare sector in India with focus on key trends such as medical tourism and telemedicine
  • Make strategic business decisions using top-level historic and forecast market data related to the Indian health insurance industry
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Indian health insurance industry
  • Assess the competitive dynamics in the health insurance industry and the future outlook
  • Gain insights into the key regulations governing the Indian insurance industry
  • Understand the product innovation strategies and the customer targeting strategies followed in the industry

Key Highlights

  • The Indian health insurance market accounted for only 3.2% of the overall insurance industry in 2011. The driving factors for the health insurance sector are rising healthcare expenditure, increasing disposable income and the rise in the number of people with affluent lifestyles.
  • During the review period, the penetration of Indian health insurance products increased from 0.07% in 2007 to 0.19% in 2011, as many new policies were sold in rural India.
  • Although the health insurance market is currently dominated by public-sector companies, the top six private health insurance companies increased their cumulative market share from 17.2% to 29.1% during the review period
  • One of the key challenges for the health insurance market is the low coverage of plans in terms of both the diseases and the hospitals covered
Table of Content

1 Executive Summary

2 Indian Health Insurance Market Attractiveness
2.1 The Healthcare Sector in India
2.2 Market Size and Growth Potential
2.3 Health Insurance Market Growth Potential
2.4 Health Insurance Market Benchmarking with BRIC Countries

3 Indian Health Insurance Market Trends and Drivers3.1 Macroeconomic Fundamentals
3.1.1 GDP growth
3.1.2 Number of households
3.2 Business Trends and Drivers
3.3 Consumer Drivers
3.4 Regulatory Framework

4 Competitive Landscape & Key Market Indicators
4.1 Competitive Landscape
4.2 Key Market Indicators
4.2.1 Incurred loss
4.2.2 Loss ratio
4.2.3 Investment type
4.2.4 Premium per capita
4.2.5 Paid claims

5 Product Strategy and Customer Segmentation
5.1 Introduction
5.2 Customer Targeting Strategy
5.3 Current and Future Product Strategy

6 Distribution Channels
6.1 Distribution Channel Market Dynamics
6.2 Distribution Channel Forecasts

7 Challenges

8 Case Studies of Health Plans
8.1 Yeshasvini Co-operative Farmers Health Protection Scheme
8.2 Rajiv Gandhi Shilpi Swasthya Bima Yojana
8.3 LIC Health Protection Plus Scheme

9 Company Profiles
9.1 New India Assurance Co. Ltd
9.2 United India Assurance Co. Ltd
9.3 Oriental Insurance Co. Ltd
9.4 National Insurance Co. Ltd.
9.5 Star Health & Allied Insurance Co. Ltd.
9.6 ICICI Lombard General Insurance Co. Ltd.
9.7 Bajaj Allianz General Insurance Co. Ltd

10 Appendix
10.1 About BRICdata
10.1.1 Areas of expertise
10.2 Methodology
10.3 Definitions
10.4 Disclaimer

List of Table


Table 1: Indian Insurance Industry by Segment (% Value), 20072016
Table 2: Indian Health Insurance Market Size (INR Billion), 20072016
Table 3: BRIC Countries Health Insurance Performance Indicators, 2011
Table 4: Per Capita Annual Disposable Income in India (US$), 20072016
Table 5: Healthcare Expenditure in India (US$ Billion), 20072016
Table 6: Indian Health Insurance Market Shares of Leading Companies (%), 2011
Table 7: Indian Health Insurance Market Incurred Loss (INR Billion), 20072016
Table 8: Indian Health Insurance Premium Per Capita (INR), 20072016
Table 9: Indian Health Insurance Paid Claims (INR Billion), 20072016
Table 10: Indian Health Insurance New Business Written Premium by Distribution Channel, 20072016
Table 11: New India Assurance Co. Ltd Main Products and Services
Table 12: Oriental Insurance Co. Ltd Main Products and Services
Table 13: National Insurance Co. Ltd Main Products and Services
Table 14: Star Health & Allied Insurance Co. Ltd Main Products and Services
Table 15: Insurance Industry Definitions
Table 16: Exchange Rates (INR-US$)

List of Chart


Figure 1: Overall and Government Per Capita Healthcare Expenditure (US$), 2011
Figure 2: Hospital Beds and Physicians per 10,000 People
Figure 3: Sources of Healthcare Expenditure in India
Figure 4: Indian Insurance Industry Dynamics by Segment (% Value), 20072016
Figure 5: Indian Health Insurance Market Size (INR Billion), 20072016
Figure 6: Health Insurance Premiums in BRIC Countries (US$ Billion), 2011
Figure 7: Indian GDP at Constant Prices (US$ Billion), 20072016
Figure 8: Number of Households in India (Million), 20072016
Figure 9: Health Insurance Penetration in India (%), 20072016
Figure 10: Per Capita Annual Disposable Income in India (US$), 20072016
Figure 11: Healthcare Expenditure in India (US$ Billion), 20072016
Figure 12: Indian Health Insurance Market Shares of Leading Companies (%), 2011
Figure 13: Indian Health Insurance Incurred Loss (INR Billion), 20072016
Figure 14: Indian Health Insurance Market Loss Ratio (%), 20072016
Figure 15: Indian Health Insurance Investment Types, 2011 vs. 2016
Figure 16: Indian Health Insurance Premium Per Capita (INR), 20072016
Figure 17: Indian Health Insurance Paid Claims (INR Billion), 20072016
Figure 18: Indian Health Insurance Customer Targeting Matrix
Figure 19: Indian Health Insurance Written Premium by Distribution Channels, Market Share (%), 2011 vs. 2016

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