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Monday, 20 July 2020

The crisis of opportunity/corona in the disaster has benefited health insurance, the companies' premium income of Rs. 993 crore increase

The crisis of opportunity/corona in the disaster has benefited health insurance, the companies' premium income of Rs. 993 crore increase

The direct premium income of health insurance in the quarter was Rs. 13,436.59 crore
Insurance companies' personal health insurance premium revenue increased by 23.97%

Business Desk, Ahmedabad. Corona has weakened people's economic status and re-emerged in almost every sector, but awareness of health insurance has risen sharply. The General Insurance Council (GIC) recently released its Gross Direct Premium Income figures, showing that premium income in health insurance in the country increased by 7.98% to Rs. 13,436.59 crore. In the same period last year, the revenue was Rs. 12,443.44 crore. Compared to last year, the premium income is Rs. 993.15 crore.

However, the percentage growth is much lower than last year, but according to insurance experts, it is a good thing that there has been such a growth despite the corona and lockdown. There are a total of 32 health insurance companies in India. Kotak, HDFC Ergo, ICICI Lombard, Star Health, Max Bupa, Tata AIG, SBI General, Reliance General, Oriental Insurance, Religare, Aditya Birla, United India, New India Insurance, Cholamandalam MS General Insurer.

Awareness about health insurance increased after Corona
Cholamandalam MS General Insurance Company Managing Director V. Suryanarayana said that in the time of Corona, there has been a lot of awareness among the people about the need for health insurance and the demand for health insurance has also increased which can be seen in the premium income. With the launch of the standardized health product Health Sanjeev by the Insurance Regulatory and Development Authority (IRDA), it has received a good response from the people.

The IRDA mandated Corona policies for insurance companies
Insurance regulator IRDA has mandated general and health insurance companies to develop and launch special products for Covid-19. V. Suryanarayana said that the launch of this product will also help in sustaining the volume growth. Being a product with a short-term and affordable premium, the response is expected to be the same as in the first quarter of the current financial year.

Increased personal health insurance
According to GIC data, the gross direct premium income of individual health insurance in the retail segment i.e. April-June 2019 is Rs. 4025.29 crore in April-June 2020 to Rs. 4990.31 crore. The segment's market share in health insurance has increased from 32.35% last year to 37.14% this year. According to experts in the insurance sector, the rate of taking out personal health insurance has increased in recent times. People's inquiries have increased, especially since the Corona epidemic and the policy seeks clarification on what is covered and what is not covered, which was very low before.

Go Digit Company's premium revenue increased by 1013%
Online general insurance company Go Digit's premium income has increased by 1013%. The company's direct premium income is Rs. 6.90 crore to Rs. 76.79 crore. Similarly, the premium income of Raheja QBE Company has increased by 460%. In addition, the premium growth of Kotak Mahindra, SBI General, United India, Universal Sompo, Aditya Birla, and Star Health has increased by 20-90%.

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Anil Ambani's company's premium income fell
Anil Dhirubhai Ambani Group's general insurance company Reliance General Insurance Ltd's premium income has declined by 21.73%. The company has raised Rs. 418.09 crore as against a gross direct premium of Rs. 534.19 crore. Similarly, Bajaj Allianz's premium income is Rs. 670.13 crore to Rs. 449.10. Apart from this, the premium income of general and health insurance companies like Eco General, New General, IFFCO-Tokyo, Royal Sundaram, Shriram General, Religare also declined.

Public confidence in the government's health scheme has waned
According to the General Insurance Council, companies in government health schemes have seen a decline in premium income. Between April and June 2020, Rs. 630.74 crore as against a gross direct premium of Rs. 960.98 crore. This indicates that premium income in government health insurance schemes has declined by -34.36%. At the same time, the market share of the health insurance segment's total premium income fell from 7.72% to 4.69%.

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