Irdai chairman Subhash C Khuntia stated there’s a huge alternative in small cities and rural areas, however many insurance coverage firms are nonetheless specializing in metro cities and competing with the identical section of the inhabitants.
Irdai chairman Subhash C Khuntia on Thursday urged insurance coverage firms to develop extra disease-specific merchandise, and go to semi-urban and rural areas.
Whereas talking on the 14th Well being Insurance coverage Summit 2020, organised by CII, Khuntia stated there’s a huge alternative in small cities and rural areas, however many insurance coverage firms are nonetheless specializing in metro cities and competing with the identical section of the inhabitants.
“Pandemic state of affairs had elevated the attention concerning the function of the medical insurance within the nation and within the first six months of the present monetary 12 months, the medical insurance sector has seen progress of 13.4% in comparison with similar interval of final 12 months. We now have discovered that giant proportion of the medical insurance is purchased by the age group between 40-50 years. However to make sure the success of the medical insurance sector, I’d urge insurers to catch the folks when they’re younger,” added Khuntia.
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