A positive influence on the overall performance of Non-life insurers was created by the health insurance segment in August because the health insurance merchandise is seeing an increase in demand during the pandemic.
In August, the performance of non-life insurers was influenced very well by health insurance, even as the motor segment stays in the slow-lane. IRDAI shows non-life insurers, including two specialized insurers, have posted a 10.4% year-on-year increase in gross uncontrived premium to ₹17,623.3 crores in August.
The standalone health insurers emerged as star performers with a 36.4% increase to ₹1,462.9 crores. In General, insurers who also issue health covers saw their gross direct premium grew 5.6% to ₹13,139.6 crores.
Health insurance CEO and MD of Max Bupa Mr. Krishnan Ramachandran noticed that COVID-19 had make-believe as an impetus for the increased sensation of health insurance. IRDAI Member for Non-Life T.L.Alamelu mentioned in a meeting on Friday that from 27% in March, the share of health insurance business in the insurance market had moved to 30% in July.
Non-life insurers reported a 3.5% growth to ₹73,965 crores from the period this fiscal till August. Gross uncontrived premium increased 25.9% to ₹6,269 crores in the five months for standalone health insurers. General insurers’ growth was unappetizing at ₹62,669 crores.
Mr. Amit Chhabra, who is the health business head at Policybazaar said that people now want to protect themselves against the healthcare expenses which are on the rise and increasingly aware of the need for health insurance. Motor insurance saw tremendous growth during the last year, compared to that the business has been decreased during this year.
The health insurance could reach more remote and less affluent populations including the uninsured and the underinsured as the health services will likely see a change in providing consultancy to the patients as the number of online video services and telehealth services is rising.
The insurance regulator IRDAI firmed up guidelines making it mandatory for general and health insurers to launch a product which will be called Corona Kavach Policy, followed by the name of the insurance company, which shall be an individual health policy, with an option to cover family members. These new norms positively influenced the health insurance products of non-life insurers.