Health insurance premium rise spurs non-life growth, shows data

While insurers have witnessed a jump in health premiums over the last two years, their claims burden has also gone up.

Health insurance premiums, which registered a 25.6 per cent growth — almost double that of last year — have been the main driver of the double-digit growth in non-life insurance in FY22. This comes after a horrid FY21, where the industry registered a low single-digit growth.

In FY22, health insurance premiums rose to Rs 73,582.13 crore, becoming the main line of business for non-life insurance sector, with a 33.33 per cent market share. This is a jump of 380 basis points (bps) over last year, data from the General Insurance Council showed.

Health premiums grew at 13.5 per cent and 13 per