Persistent underwriting losses and high distribution costs weigh on India’s general insurers, with direct models and customer ownership seen as key to improving economics.
The insurer says much of the impact will fall on households, with unpaid care projected at 123 million hours and 42% of treatment costs paid out of pocket by 2030.
Single premium sales jumped 36.5%, while banks remained the largest distribution channel for new business, accounting for S$593m (US$466m) of weighted premiums.
Asia’s soft insurance market continued in the first quarter, offering buyers strong pricing and capacity, but geopolitical and claims risks threaten to tighten conditions.
Day procedures and higher-end outpatient care were flagged as key drivers, with the study also pointing to panel providers and group plans as potential cost moderators.
