Health policies beat motor in premium

The share of health insurance in non-life insurance premium has risen to 38% in September, surpassing motor insurance which stands at 28%. The growth is driven by group policies, and the rising cost of healthcare is forcing employers to increase the sum insured. In the first half of FY24, the non-life insurance industry collected over Rs 1.4 lakh crore in premium, with health insurance accounting for a significant portion. Premium from group health insurance has increased by 26.7%. The insurance-backed universal health insurance scheme provided by state governments has also seen growth.

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