The standalone health insurance market in India is likely to grow at a compounded annual growth rate of 30 percent in an accelerated growth scenario for the next five years. According to research by specialist research and consulting firm Fintelekt, the size of the market will increase from Rs 5859.7 crore in FY16-17 to Rs 21,904 crore by FY21-22.
The report, shared exclusively with Moneycontrol, said that even as strong drivers for health insurance are likely to ensure a steady demand for the industry in the coming years, the ability of standalone health insurance companies to leverage the demand will depend on alignment along a number of key parameters including strong multi-channel distribution set-up providing access to a large and diversified customer base.
