, 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.

You may also like:

APAC PA&H insurance premiums to more than double in 2026

Fishery experts recommends climate insurance for Indian fishermen

Qoala raises $65m in new funding round

Follow the links for more news on

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Top three things killing the insurance industry
Thanks to these threats, 54% of insurers had an ROE below their cost of equity.
Insurance
How Emma transforms AXA Mandiri's digital strategies
Emma is an all-in-one digital platform that meets the customers' needs, from purchasing an insurance policy to booking gym classes.
Insurance