14.50 per cent increase in health insurance premiums

Mumbai, Ta. 25 November 2020, Wednesday

During the April-October period of the current year, the premium on health insurance has increased by 18.50 per cent year-on-year, indicating an increase in the need for health insurance during the Corona period.

According to the data, the premium collection in the health insurance segment during the same period of the current year has been Rs 4.5 crore as compared to Rs 303 crore in the April-October period of 2017.

In the health insurance segment, retail grew by 4 per cent, while group insurance premiums grew by 12.51 per cent. On the other hand, the government's health insurance scheme has seen a 5 per cent decline in collection.

The increase in demand for health insurance products is benefiting health insurance providers.

The collection of premiums in the retail health portfolio has been 8 per cent higher while the premiums of general insurance companies have increased by 21 per cent during the period, according to the data.

"Insurance policies have increased due to increased health awareness among the people after Corona, but it remains to be seen how long it will last," said an insurance expert.