Max India Limited Financial Overview
✓ MAX Industry is poised for an exponential growth
Max Bupa
Health Insurance
A Max India Joint Venture
Key drivers of growth
Increase in affordability
Increasing affordability with rise in
income levels and healthcare spend
per capita
Increase in willingness
Rapid scale-up of hospitals and
expansion outside metros
Take-off of comprehensive
insurance coverage products e.g.
secondary health care, out-patient
etc.
Higher need with rise in incidences
of chronic diseases (viz. cancer,
heart disease)
Acceptability of insurance with
increasing awareness
Increase in ticket size
Rise in healthcare costs with market
inflation
Indian Health Insurance Market (Rs. In Billion)
500
464
GWP (Rs. in Billion)
450
404
400
351
350
305
266
€ 300
231
250
192
160
200
150
51 66
83 111
131
100
32
22
50
17
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
>
2014
2015
2016
2017
2018
2019
2020
Industry grew by 15% in FY 2013-14 marginally lower than
that in the previous fiscal (17% in FY 12-13)
Growth driven equally by both Private as well as public
sector players (YTD Mar'14: 14% and 15% respectively)
• Insurers focusing on containing loss ratio's and improving
profitability
• Standalone health insurers growing aggressively
SOURCE: Team analysis, WHO statistics, NCAER, McKinsey Urbanisation report, Government economic survey, BRIC report
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