NEW DELHI: With Rs 1 lakh crore in premium collection, the health insurance segment has become the largest vertical of the general insurance industry, constituting 37% of the industry revenue, and has settled 2.5 crore claims of Rs 75,000 crore in FY24. The industry reported a 25% operating profit.
As per General Insurance Council Chairman Tapan Singhel, health insurance sector has collected about Rs 1 lakh crore in premium in FY24, reflecting a robust annualised growth of 20% in past few years. Over 50 crore people are covered now, which is as much as 38% of the population, up from 37% in FY23. Singhel is confident that the the Bima trinity of Bima Vistaar, Bima Vaahaks, and Bima Sugam, the national mission of achieving ‘insurance for all by 2047’, as set out by the Insurance Regulatory and Development Authority chairman Debasish Panda is closer to fruition.
Singhel, who is also the chief executive of Bajaj Allianz General Insurance, also said the recently launched ‘Cashless everywhere’ initiative being spearheaded by the GI Council, has seen as much as 60 percent of all the claims in FY24 were settled cashless. Currently, policyholders can avail of cashless treatment at over 40,000 hospitals across insurance networks.