2024 Health Insurance Recap: Key Highlights and Updates

In 2024, a new health insurance company was registered by IRDAI named ‘Galaxy Health Insurance Company.’

Some more numbers,

Number of total general insurance policy sourced is 1,90,822.

• Number of premium collected during the year is Rs 275.66 Cr.
• This year, the contribution of public sector general insurers increased by 8.88%, from Rs 82,892 Cr in 2022-23 to Rs 90,252 Cr in 2023-24.?

Premiums Underwritten Within India By Non-Life Insurers in 2023-24

Public Sector- 90,252 Cr

Private sector- 1,55,100 Cr

Standalone- 33,119 Cr

Specialised- 11,211 Cr

Developments in the Indian Health Insurance Sector in 2024

Removal of age cap for health insurance purchase: In April 2024, the Insurance Regulatory and Development Authority of India (IRDAI) removed the 65-year age limit for purchasing health insurance. So, now whether you are a 30-year-old or 80-year-old, will get coverage for health insurance.?

Focus on pre-existing conditions:? As of the new rules applied in April 2024, insurers can no longer deny policies to individuals with pre-existing conditions. However, they can reassess risk, which may result in higher premiums. The waiting period for pre-existing diseases is now 3 years instead of 4 years.?

Emphasis on preventive healthcare: In the plans launched by several health insurance companies, now you will get coverage for healthcare through wellness programs, routine check-ups, and vaccinations.?

Emphasis on Mental Health: With the growing awareness of mental health issues, IRDAI has mandated to include mental illness treatments.?

Use of AI: The use of AI and big data is transforming the health insurance landscape. Data analytics enables insurers to personalize coverage based on individual health risks, while AI streamlines claims processing and improves efficiency.??

Analysis of Grievances Registered in Health Insurance during 2023 - 2024

Total policies issued and lives covered- 2,96,26,47,141

Grievances- 94,843

% of Grievances to total policies and lives- 0.003

Grievances per lakh policies and lives- 3.20

NHCX- Solution to Seamless Claim Experience

NHCX is the most innovative and helpful solution in the health insurance sector. NHCX stands for National Health Claim Exchange which is the online portal for cashless claim settlement. To streamline claim approvals, the Indian government, through the Ayushman Bharat Digital Health Mission (ABDM), is developing the National Health Claim Exchange. This platform will facilitate seamless data sharing between hospitals and insurers, enabling faster pre-authorization, cashless claims, and reimbursements. By standardizing the claims process, the exchange aims to enhance the policyholder experience and reduce operational costs for both insurers and healthcare providers.

All in All

2024 has been a year of significant transformation for the Indian health insurance sector. With increased accessibility, a focus on preventive care, and the rise of technology, the industry is poised for further growth and innovation. As we move forward, the continued development of initiatives like the National Health Claim Exchange will play a crucial role in improving the overall health insurance experience for policyholders across the country.

When it comes to insurance, we are here to keep you at pace with all developments and innovations. PolicyX is India’s leading insurance web aggregator. We believe in No Spam, No Gimmicks, Only Expert Insurance Advice.

*All the data and facts used in the newsletter are derived from IRDAI Annual Report 2023-24