The concept of health insurance had not yet gained widespread acceptance, and insurance penetration was low. Key DevelopmentsEntry of Private Players: The entry of private insurance companies led to increased competition and innovation in health insurance products. Health Insurance Portability: The concept of health insurance portability emerged, allowing policyholders to switch insurers without losing accrued benefits. Similarly, the IRDAI regulates health insurance to protect policyholders’ interests, enforce guidelines, and maintain transparency in the insurance sector. Emerging Health ThreatsEmerging health threats, such as pandemics and new diseases, underscore the need for updated health insurance plans.

Source: Nigerian Tribune October 01, 2023 04:55 UTC