Hike in Group Health Insurance and Cyber Insurance Premiums

Indian insurers have started the new financial year with a sharp rise in insurance premiums among various categories.  Insurance companies increased the insurance premium amount of group health insurance by 40% along with an 80-100% hike in the premium of cyber insurance.

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As per Ms. Supriya Rathi, the director of Anand Rathi Insurance Broker, the renewal insurance premiums for cyber insurance have gone up by 80-100% because of the rising cyber-attacks during the COVID-19 pandemic.

Furthermore, she added that they are also working with the leading manufacturing companies that are offering cyber-crime insurance premiums. She also said that a 40% premium hike in group health insurance is due to the higher claim rate during the COVID-19 Pandemic.

Gallagher Insurance Brokers which is an India-based company, the chairman of this company Mr. Devesh Srivastava said that the aviation business is facing delays at present due to major raised claims on leased aircraft. However, its impact is not meant to be significant.

Putting forth his expectation, he added  that the effect of the hike in premium that took place after 2 long years will prevail for some time. The reason is that the record levels of this pandemic loss during the last three-four years are already very high.

Foreign Reinsurance Branch (FRB), Senior Executive said that the revised hike in premiums across general insurance, including both property engineering and third-party motor insurance will be effective from 1st April 2022.

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
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Based on 189 reviews
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3.8 April 09, 2023
Mansi
Excellent Support
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Mahesh
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4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
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Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
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Diljeet
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It was a excellent purchase at PolicyBazaaar. Thankyou team.
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4.3 February 04, 2023
Satya
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Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
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4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
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4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
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