Health insurance drives non-life sector growth

Health insurance premiums reported a growth of 26 % in the first 10 months of FY22. This is nearly double the growth witnessed in the same period a year ago.

Health premiums continued the trend of driving growth of the non-life industry ever since the pandemic began. However, within the health segment, the growth dynamics have changed with group health premiums growing faster than retail health premiums, data from the General Insurance Council showed. In FY22 so far, group health premiums witnessed a growth of 30 % as against 17.28 % growth in retail health. Also, the share of group health in the health business of the non-life industry stood at 51 % against 39 % in the case of retail health.