Experts Predict Indian Health Insurance Industry To Surpass $23 Billion by 2028

According to the forecast data and analytic company GlobalData the Indian Health insurance industry is set to grow at a compound annual growth rate (CAGR) of 12.8% from Rs 1.3 trillion in 2024 to Rs 2.0 trillion in 2028 in terms of gross written premiums (GWP). Experts believe that the awareness of health insurance is on the rise in India after the covid pandemic and the premiums are on the rise due to high demand for private healthcare. Rising service costs and advanced technologies used in the healthcare industry have pushed up health insurance premium rates over the last couple of years. With IRDAI making it a mandate to include all age groups to be insured that is a rise in demand already. Digitisation and improved healthcare are also putting pressure on companies to charge premiums accordingly. But that isn’t deterring people to back off. People are more aware of the importance of insurance and try to get insured for the crisis times rather than drain out all their savings.