Saturday, July 01, 2006

Healthcare insurance in India is a Rs. 25,000 crore industry

Healthcare insurance in India is a Rs. 25,000 crore industry : "According to a recent study by PHD Chamber of Commerce and Industry (PHDCCI), healthcare insurance is likely to become a Rs. 25,000 crore industry by 2010. The PHDCCI estimates that the percentage of the elderly in the total population will increase to 8.9% and total number of senior citizens will increase by 107% to 113 million by 2016, providing immense scope for growth. Most importantly, health spending in India at 6% of GDP, is among the highest estimated for developing countries. In per capita terms, that is higher than that in China, Indonesia and most African countries. With the insured population expected to hit 250 million the next five years and each person paying an average premium of Rs. 1,000 per year, the health insurance industry would be worth Rs.25,000 crore.

Diseases such as cancer and cardiac conditions are likely to account for nearly 30% of ailments and HIV infections are also expected to rise significantly during this period.

Meanwhile, the four public sector insurers and the country's largest private insurer ICICI Lombard have submitted their bids for a number of State Government-sponsored health insurance schemes. The State Government's plans are part of the Central Government's initiative to increase public spending on health to 2% of the GDP by 2009 and provide health insurance to people below the poverty line."

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