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IRDA Come Up with Initiatives for Indian Health Insurance Industry
RNCOS, a leading market research firm, says in its new report, "Booming Insurance Market in India (2008-2011)" that on the back of increasing health insurance awareness, rising healthcare cost and government initiatives, the total health insurance premium in India is projected to grow at a CAGR of 31.5% during 2007-2015.
As per the report, Insurance Regulatory & Development Authority
(IRDA) has recently taken many initiatives to promote health insurance
industry in India. One of the foremost important initiatives is that
IRDA has amended the Insurance Act 1938 and has made recommendations to
the government to define a standalone health insurance company and
prescribe separate norms for the capital structure and solvency
requirements for such companies. It will increase the interest of health
insurers by making it easier to enter the Indian health insurance
market.
The research report expects two or three players to enter the health
sector in the years to come. Currently, Star Health and Allied Insurance
and Apollo DKV are the only two stand-alone health insurance companies,
while US-based Aetna and Cigna Healthcare and UK-based Bupa Healthcare
are looking to enter the market.
Also, IRDA has asked insurers to cover existing diseases on marginal
extra cost, which will further boost the health insurance industry in
India.
"Booming Insurance Market in India (2008-2011)" provides a comprehensive
research and prudent analysis on the Indian insurance market. This
extensive research will help the clients to identify the market trends
and evaluate the leading-edge opportunities critical to the success of
the insurance market in the country. This study gives an overview on the
various fa ctors driving the insurance industry, together with the
forces that are blocking the growth of the industry.
This research supplements the past and current information on the Indian
insurance market with forecast on various important industry aspects,
including GDP, rural & urban population, employment growth, outbound
tourists, lending by financial institutions, medical equipment market,
IT spending, Health insurance premium and non-life insurance market.
About RNCOS E-Services Pvt Ltd.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
For more information visit:
http://rncos.com/Report/IM126.htm
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