Personal Accident and Health Insurance in India, Key Trends
The Indian personal accident and health insurance segment posted significant growth during the review period. The segment’s gross written premium increased at a review-period (2009-2013) compound annual growth rate (CAGR) of 21.1%, despite the global financial crisis. The robust growth was driven by increasing healthcare expenditure, favorable government initiatives for large-scale health insurance programs, and the liberalization of industry regulations. Despite the increase, penetration remains low due to a lack of consumer awareness of personal accident and health insurance - especially in rural areas, a lack of cover for many diseases, and dependence on sales of products with attached tax benefits.
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