Forecast: Premium of Health Insurance in India

The health insurance premium in India demonstrated significant growth from 2013 to 2023, starting at INR 154.53 billion in 2013 and reaching INR 361.46 billion in 2023. Notable peaks occurred in 2016 and 2017 with year-on-year increases of 21.66% and 24.31% respectively. 2018 saw a slight dip with a -1.94% change, but the market recovered with steady, moderate increases of around 3-4% per year from 2019 onwards. The 5-year CAGR preceding 2024 stands at an average of 2.32%, indicating expectably modest growth moving forward, projected to reach INR 418.79 billion by 2028.

Future trends to watch for include potential impacts of regulatory changes, innovations in health technology, and demographic shifts such as aging populations or changes in underwriting criteria that could affect premium calculation practices. Additionally, economic conditions and public health policies may significantly influence market dynamics in health insurance premiums.

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