Global health insurer Cigna and TTK Group, the
Indian conglomerate, have signed a joint-venture agreement to sell a range of
health, wellness and insurance products across India, making Cigna the first
U.S. insurer to apply for entry into India as part of a stand-alone joint
venture health insurance company.
Cigna and TTK have begun the process of seeking
approval from India’s Insurance Regulatory and Development Authority and plan
to submit a comprehensive filing early next year. Full license to operate is
not expected until 2013.
Health care is the fastest growing sector of the Indian economy. With
1.2 billion people – one-sixth of the world’s total population – India is
experiencing an increase in chronic conditions and lifestyle diseases such as
diabetes and hypertension, mirroring worldwide trends. Health care spending is
expected to grow significantly over the next decade, giving rise to interest in
leveraging successful health management programs and systems. Cigna offers
differentiated health insurance solutions, including health and wellness
programs that support customers in making lifestyle changes and managing
chronic medical conditions.
International health insurance news: 28 November 2011