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.
“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.