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Revenue For Standalone Health Insurers Increases By 34% YoY

Premiums for general insurers fell over the previous month, while those for health and specialised state-run insurers increased

The revenue of India's non-life insurers fell for the third month in a row in November. Revenue for standalone private health insurers increased 5 per cent month on month to Rs 2,026 crore, up 34 per cent YoY.

Premiums for general insurers fell over the previous month, while those for health and specialised state-run insurers increased. According to preliminary data released by the General Insurance Council, the gross premium underwritten by non-life insurers fell 6 per cent over the previous month to Rs 19,209 crore in November. Revenue, on the other hand, increased by 22 per cent year on year.

Revenue increased by 28 per cent from the previous month, November 2019, when it was Rs 14,981 crore. While revenue for standalone private health insurers increased 5 per cent month on month to Rs 2,026 crore, up 34 per cent year on year.

Prasun Sikdar, MD and CEO, ManipalCigna Health Insurance said, “India's health insurance industry has witnessed robust growth and will continue to outpace in the future due to the sheer potential of under-penetrated markets. The pandemic outbreak brought some inevitable changes and constant effort to spread awareness has positioned health insurance as a necessity rather than a facility. The innovation endeavours to meet the evolving needs of the customer has made health insurance products more accessible and affordable, which is likely to improve the demand in the future as well. Furthermore, the developments brought by the regulator over the years have acted as a catalyst to boost the growth curve and will take the industry a step ahead to meet its goal of 'Insurance for all by 2047'.”


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