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AN EVALUATION OF EVOLUTION OF HEALTH INSURANCE SEGMENT IN THE INDIAN NON-LIFE INSURANCE SECTOR BETWEEN THE YEARS 2010 & 2020

Health insurance in India has been growing consistently and positively, unlike other lines of non-life insurance business. In this article, to know how the health insurance segment outshines other segments of non-life insurance sector three measures are calculated. Firstly, the Compounded Annual Growth Rate (CAGR) was calculated to determine the pace of growth. Secondly, Health insurance penetration ratio was calculated to know whether the growth of the health premium commensurate with the GDP of the country. Finally, taking the changes in the proportion of trade among the segments of the non-life insurance sector, the Norm of Absolute Values Index was found out to substantiate the structural change taking place in the insurance industry. The results of these three measures highlight the impressive growth in the Health insurance which seems to continue to dictate the structure of non-life insurance industry in India.
KEY WORDS: Health insurance, Compounded Annual Growth Rate, Norm of Absolute Values Index, Health insurance penetration ratio, standalone health insurers