Health insurance premiums, which registered a 25.6 percent 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 percent 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 percent and 13 percent in FY21 and FY20, respectively. Non-life insurers have reported an 11 percent growth in premiums in FY22 to Rs 2.2 trillion. This compares with Rs 1.98 trillion worth of premiums collected in FY21, up 5.2 percent over FY20. The industry had posted a growth of 11.7 percent in FY20 over year-ago period.
Within the health segment, retail health premiums reported a 16.5 percent growth in FY22 over last year. This is mainly driven by standalone health insurance companies with 28 percent growth.
General insurers reported a meagre 7 percent growth in retail health premiums during the same time.
