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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