In the Indian market, five standalone health insurance companies are growing faster than 24 multi-line general insurance companies because of their dominance of the retail business and strong agency networks.
Retail health insurance has grown at a CAGR of 21% (FY11-21), largely because of rising awareness about the role health insurance plays in household financial stability and in meeting the rising cost of treatment.
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Moreover, the retail business has the lowest loss ratio as compared to the government policies that carry the highest loss ratio.