Retail health continues to shine as motor and crop insurance slide

Fire and health insurance segments have been driving the non-life insurance business in the current financial year. 

Till January, the health insurance segment has grown 14.59 per cent to Rs 48,501 crore, capturing 29.5 per cent market of the non-life business, up almost 300 basis points from last year. This is mainly due to a surge in demand for health products since the onset of the pandemic.

In the health segment, it is retail health that has driven this surge with close to 30 per cent growth till January, thanks to Covid-specific products launched this year to provide protection against the virus.