Insurance premium likely to undergo price correction, rise by 15-20%

General insurance premium is expected to rise by 15-20 per cent in the coming months as part of the risk management by the insurers, especially in the wake of the anticipated increase in reinsurance costs.

Indian general insurance market may see further hardening of premiums going ahead as reinsurance prices may get costlier, a senior industry person cautioned. Health and motor are the two major insurance segments in India with the non-life general insurance clocking a premium of Rs 1.02 lakh crore in the first five months of FY2024.