Mint SecureNow Mediclaim Ratings (MSMR) comes at a time when covid-19 woke up many households to the need of having health insurance.
As a result, health insurance premium saw a growth of 10% up to the month of July 2020 compared to the previous year even when the non-life industry as a whole grew only by about 2%, according to data from the Insurance Regulatory and Development Authority of India (Irdai).But given the fact that more than half of India is uninsured, there is a strong need to expand coverage.
According to an Axis Capital sector report, nearly 34.2% of the population had health insurance in FY19. Of this, retail and group health schemes covered only 8.4% of the population.