Health portfolio continues to drive premium growth of non-life insurers

The health portfolio of general and standalone health insurers is driving the premium growth of non-life insurers. In the April-July period of FY22, the health portfolio has grown 34.2 per cent, which is significantly higher than the 9.9 per cent growth seen in the same period last year.
 
While retail health grew by 24.8 per cent, group health recorded a 23 per cent rise in the April-July period. Notwithstanding the growth in health premiums, insurers have seen elevated levels of Covid claims in the first three months of the financial year due to the second wave of the pandemic.
 
In FY22, as of August 6, general and standalone health insurers have received 1.3 million Covid claims worth Rs 14,660 crore, of which they have settled 1.04 million claims worth Rs 9,990 crore. In FY21, insurers had received 986,366 Covid claims worth Rs 14,560 crore.
 
The motor segment, which was the largest business for the general insurers, grew 4.8 per cent against a 19.4 per cent drop in year-to-date in July FY21. The increase can be attributed to the continued higher sales witnessed in July 2021.