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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