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Health premiums on the mend: Non-life insurance in double digits

Group health plans drive the 29% growth in health premiums during the first eight months of FY23

The insurance regulator is currently looking into the proposal, an official said
premium

“The long-term growth of motor insurance would be driven by the growth in the automotive industry, which would increase penetration among uninsured vehicles on the road,” the report said

Subrata Panda Mumbai
Health premiums have picked up again after a slight moderation in growth, taking the non-life insurance industry's growth to 22 per cent in November, and to almost 17 per cent so far this financial year.

Health premiums grew by 22.54 per cent in the April-November period, driven largely by group health plans, which have seen good growth due to rationalisation of discounts in premiums caused by adverse claim ratios in prior periods, medical inflation, and enhanced coverage. Health premiums grew by 29 per cent in the same period last year.

According to data released by the General Insurance Council, group