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The independent health insurance sector increased its premiums by 26 per cent to Rs 26,242 crore in FY23. During March, the general insurance industry and the independent health insurance industry experienced premium growth of 11 percent and 21 percent, respectively.
General insurance industry premiums grew at a healthy pace of 16 percent in FY23. Total premiums for the general insurance industry in the financial year stood at Rs 2,56,920 crore compared to Rs 2,20,800 crore last year.
The independent health insurance sector increased its premiums by 26 per cent to Rs 26,242 crore in FY23. During March, the general insurance industry and the independent health insurance industry experienced premium growth of 11 percent and 21 percent, respectively.
For ICICI Lombard General Insurance, premiums in FY23 grew by 17 percent but for March, the insurer’s growth was 7 percent. New India Assurance saw an increase in March where premium growth for insurance companies reached 11 percent but due to sluggish performance in the first half of the financial year, premium growth for New India Assurance for FY23 could only grow by 6 percent.
For Star Health Insurance, the March premium grew by 11 per cent, and reached Rs 1,819 crore and for the year the premium for the health insurance company grew by 13 per cent to Rs 12,951 crore.
(Edited by : Sangam Singh)
