The Impact of COVID-19 on the Indian Health Insurance Sector
Introduction Health insurance firms exist as a remover of risk and a provider of certainty and security during a time of uncertainty and insecurity. Individuals use these policies to hedge against the risk of loss of health. However, the past eighteen months have been so extraordinary that even insurance firms have been unable to cope with such unpredictability. The risk has been too great for most health insurance firms to bear, and this has had consequences across the health market. Effects of COVID-19 on the Health Insurance Market Higher Demand for Insurance Plans & Greater Insurance Penetration One of the few positive benefits that COVID-19 has had on the Indian economy is that it has incentivized more Indians to insure themselves against health risks. COVID-19 had been an unknown danger in the early months of 2020, so there were many uncer...