Private insurance companies reaching to the maximum population
Considering that about 65 per cent of people covered by health insurance across India fall under the ambit of private sector, the private insurers have outperformed the public insurance companies covering just 35 per cent of people, according to a study by apex industry body ASSOCHAM.
"However, in terms of premium it is the other way round as public insurance companies account for maximum share of over 61 per cent in premium arising out of health insurance," according to a study titled ‘Health Insurance in India: A review,' conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
In terms of channel-wise distribution towards medical insurance, it is the individual agents that bring in majority of business with 72.9 per cent share, however, direct business is the major contributor in terms of premium collection with about 37 per cent share followed by individual agents (31.6 per cent) and brokers (21.4 per cent), highlighted the study prepared by the ASSOCHAM Economic Research Bureau (AERB).
Referrals constitute a meagre 0.1 per cent in terms of both, the numbers of policies sold as well as the medical insurance premium they collect, added the study.