Covid fuels 29% jump in health premium income for insurers

The Covid pandemic has boosted insurance companies business as an increasing number of people turned to health cover to meet medical expenses. General insurance companies have reported a 29.81 per cent rise in premium income from the health segment to Rs 42,571 crore during the seven month period ended October.

This is almost double the growth of 14.3 per cent at Rs 32,796 crore witnessed in the same period of last year, when people spent most of the time indoors under a nationwide lock down. Health premium income shot up by a record 34 per cent to Rs 5,463 crore in the month of October alone, according to figures released by the Insurance Regulatory and Development Authority of India (Irdai). Industry sources say demand from the retail segment is rising at a faster pace as demand for individual health policies is rising at a faster pace as demand for individual health policies rising rapidly.

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