Narayana Health witnessed a surge of 1.72%, reaching ₹1,238.35, as the Insurance Regulatory and Development Authority of India (IRDAI) granted approval for the establishment of Narayana Health Insurance Limited to conduct health insurance operations in India.
With one of the largest hospital chains operating under the Narayana Hospital brand, the company has received a Certificate of Registration after a hiatus of five years, as announced in IRDAI’s 124th meeting on December 28, 2023.
This move will elevate the number of Standalone Health Insurance Companies (SAHI) to six, expanding the market beyond the existing five players. The recent entry of new players in the insurance sector, with more in the pipeline, marks a notable development, especially after a hiatus of almost 12 years in the life sector and 5 years in the general insurance sector, as highlighted by IRDAI Chairman Debasish Panda at a National Insurance Academy event.
While IRDAI aims for ‘Insurance for All’ by 2047, the non-life insurance sector’s penetration has maintained a stagnant 1 percent. Despite the reduction in India’s overall insurance penetration to 4 percent in 2022-23 from 4.2 percent in 2021-22, the entry of new players signals a positive trend in the insurance landscape.
