Performance Analysis of Standalone Health Insurance Companies in India

Abstract

The objectives of the present study are to examine the growth and financial performance of standalone health insurance companies in India. Under this study, in order to analyse the financial performance of Companies, five standalone health insurance companies have selected. The secondary data has taken from reports of Insurance regulatory and Development Authority of India and official website of the companies, internet search, books, journals and articles. The study period is from 2016-2017 to 2022-23. This study is analytical in nature. Various statistical techniques like percentage, mean, annual growth rate etc. has been applied for analysis of data. Several key parameters such as claims incurred, premium earned, number of lives covered, number of policies, incurred claim ratio has been taken for study. The premium earned by standalone health insurance companies has shown significant increase over the years. This is the most important factor for other competitors in this segment. The number of offices of insurance companies is increasing year over year. But claim ratio is very less in the standalone health insurance service provider. Due to the fact that over 50% of the population lacks health insurance, there are numerous opportunities for the health insurance industry to grow its market share.