Highlighting the disparity between the US, which has nearly 6,000 insurance companies, and India, with just 60-70, Singhel pointed out the immense potential in a market with only 3-4% insurance penetration.
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India’s high healthcare cost pushes 8-10 crore citizens below the poverty line annually. He called for universal health coverage, whether provided by insurance companies, government schemes, or trusts.
The 18% goods and services tax (GST) on health insurance is too high for something so essential to society. “It needs to come down,” he said.
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The progress in creating a health exchange for claim settlement stressed the need for faster integration of hospitals into the system. “If we aim to become a Viksit Bharat, every Indian should have access to comprehensive health coverage. Accelerating these initiatives is crucial for building a robust healthcare ecosystem,” he added.
Speaking to CNBC-TV18 at the World Economic Forum in Davos, Singhel also talked about how the company remains well-positioned to operate independently even if Allianz exits the partnership.
“The company has a customer base of about 15 crore. Last year, the number of policies issued was 3.6 crore—the largest in the market. It has a combined ratio that is at least 17% better than the market, the highest solvency in the market, and has not required capital since 2008.”
For the full interview, watch the accompanying video
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