, India

India health insurance premiums jumps 25% amidst pandemic

The hike was attributed to the second wave of COVID-19 infections.

India’s health insurance premiums jumped by 25% as families sought to protect themselves against COVID-19, a study by the National Insurance Academy under the Finance Ministry.

In a paper titled ‘Health Insurance in 2042: Challenges and Opportunities’, insurers collected $7.57b in the financial year ended 31 March 2021, which increased to $9.48b in the financial year ended 31 March 2022.

The spike was attributed to the Delta variant that propelled a second wave of COVID-19 infections leading to increased hospitalisations and deaths. Whilst the health insurance market in the country had grown steadily at a compound annual rate of 24%, it registered a 34% surge during the pandemic.

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