New Delhi, June 2 -- India's health insurance industry, which was earlier considered a strong and steady growth story, is now facing serious structural challenges.

A recent report by Elara Capital has highlighted that both growth and profitability in the sector are being affected, which may redefine the long-term potential of health insurers in the country.

It said, "India's health insurance industry, long seen as a secular growth story, is facing structural constraints in terms of growth as well as profitability".

According to the report, one of the key reasons behind this slowdown is the overestimation of the total addressable market (TAM) for private insurers. Many experts had earlier projected a large market for private health insu...