Indian Insurance industry expected to reach USD 280 billion

Indian insurance industry is expected to reach USD 280 billion by 2019-20 with help of government initiatives like Ayushman Bharat according to Assocham. The Gross premium increased from Rs 3.2 lakh crore (USD 49 billion) in 2011-12 to reach Rs 5 lakh crore (USD72 billion) in 2017-18. Ayushman Bharat, the ambitious scheme of the government will cover 100 million poor and vulnerable families with a cover of Rs 5 lakh per family of tertiary care and hospitalisation will be a game changer for the insurance industry. An effective implementation of the (Ayushman Bharat) scheme will also act as a catalyst for ancilliary healthcare sector like pharmaceutical, diagnostics, medical devices, data management, insurance hospitality etc.,

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