The health insurance segment could approximately account for 40% of the total Gross Written Premium (GWP) by FY 2020
Mumbai: The insurance companies are now focusing on the growth of health insurance products by introducing new products in this segment. A research report by BCG and FICCI states that the health insurance segment could account for 40% of the total GWP by FY 2020.
About 60% of GWP of a general insurance company is earned through motor insurance. But health insurance will emerge as a second dominant product given its current low penetration and the rising cost of health care in the future.
“We are concentrating on broadening our reach in group as well as individual health insurance. We are planning to add 3,000 agents by the next fiscal to sell health and motor insurance,” said K G Krishnamoorthy Rao, Managing Director and CEO, Future Generali India.
Bharti AXA General Insurance Company Ltd is also focusing on health as well as SME insurance apart from motor insurance. The company is planning to offer unique products in the health insurance arena including critical illness product as well as high deductible product. Future Generali is also planning to launch two new products, a ‘top-up cover’ health policy and a simple health product, in the next three months.