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Retail health segment drives surge in health insurance premiums, shows data

Group health has also done well with general insurers posting a 17 per cent growth in H1FY21

health, digital, data, medical, healthcare
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Government health schemes have reported contraction and so has the overseas medical insurance segment.

Subrata Panda
The non-life insurance industry has seen a significant contraction in premium growth after the country went into a lockdown to stem the spread of the Covid-19 pandemic in March. But there is a silver lining.

The pandemic increased awareness about health insurance, leading to a surge in demand for such products. Data compiled by general insurance council shows the health segment has grown 16 per cent in the first half of FY21 (H1FY21), with the retail health growing more than 34 per cent and group health growing almost 6 per cent, while the non-life insurance industry grew 1 per cent.

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First Published: Oct 22 2020 | 11:45 PM IST

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