Reliance wins approval to enter India’s health market

October 8 2018 by InsuranceAsia News Staff

Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital, has received final approval from the Insurance Regulatory and Development Authority to start operations.

In a regulatory filing on October 5, Reliance Capital received R3 approval for for its new health insurance business.

Anmol Ambani, executive director of Reliance Capital (pictured), said the potential for health insurance in India is massive and, given the current low penetration, is expected to grow quickly over the next few years.

Health insurance in India is among the fastest-growing insurance sectors, growing at about 20% annually, and is expected to double to over Rs1 trillion (US$13.6 billion) by 2021