Standalone health insurance business grows 2x industry’s pace

MUMBAI: Standalone health insurance companies have grown more than twice as much as the general insurance industry in FY24, according to the General Insurance Council. The general insurance industry reported an annual premium of nearly Rs 2.9 lakh crore for FY24 – about a 13% increase from the Rs 2.6 lakh crore reported in FY23. On the other hand, the five standalone health insurance companies reported a 26.2% increase in total premium during the same period from Rs 26,243 crore to Rs 33,115 crore. These figures are based on early data released by the council. The growth of the five…