India's retail health insurance could be a $25 bn market in 5 yrs: Report

Avendus Capital study says low penetration coupled with rising disposable incomes, and product innovation by insurers could act as catalysts for the segment

Buoyed by the Covid-19 pandemic and the increased awareness about protection, India’s retail health insurance segment could possibly become a $25 billion market in the next five years, said a report produced by Avendus Capital.

Health insurance, which has been driving growth in the non-life insurance market, became the largest business segment for non-life insurers in FY22. Low penetration coupled with rising disposable incomes, and product innovation being undertaken by insurers, could act as catalysts for the retail health insurance segment, giving it a clear runway for growth in the coming years.

According to the report, “…the segment has the