According to the Economic Survey 2024, at 11 per cent, health insurance premiums saw the fastest growth among all non-life insurance segments in FY 2023. “Health insurance premiums increased by an estimated 11 per cent, driven by heightened health awareness, supportive government policies, rising medical costs, and innovations in Insurtech. This growth underscores the sector’s vital role in providing financial security to Indian citizens,” says Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
According to the Economic Survey, increased health awareness, supportive government policies, rising medical costs, and innovations in insurtech have supported this growth. Although price and income constraints may limit demand for the lower income groups, the expanding middle class and increased discretionary spending are expected to support overall growth.
