General Insurance Premiums Hike by 29% in Sept ‘23

According to the General Insurance Council data, premiums of general insurance companies have increased by 29.06% in September 2023 compared to September 2022. Standalone health insurance premiums have also hiked by 22.92% in September this year.

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      Non-life Insurance Premiums on the Rise

      As per the data released by the General Insurance Council recently, non-life insurance companies’ premiums have increased by 14.86% in the first half of the fiscal year 2023-24 compared to the same period in FY 2022-23.

      The standalone health insurance premiums have also risen by 25.24% in the first six months ending September 30, 2023, compared to the same period in the previous financial year.

      Moreover, premiums of private sector non-life insurance companies have also hiked by 24.77% in September 2023 as compared to the same month last year.

      While ICICI Lombard General Insurance Company registered a 13% increase in premiums in September 2023, the New India Assurance Company premiums rose by 12% in the same month compared to September 2022.

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