Kathmandu. India’s health insurance premiums rose 27 per cent year-on-year in January. In this month, the premium of Rs 54.15 billion has been collected.
This growth is attributed to the creation of health insurance covers with zero Goods and Services Tax (GST) in individual health insurance covers and increased awareness about health insurance. According to the data of the General Insurance Council, non-life insurance companies collected Rs 21.88 billion in health insurance premiums, registering a growth of 20.4 percent year-on-year. On the other hand, standalone health insurance companies collected Rs 32.26 billion in premiums, registering a growth of 32.3 per cent year-on-year.
The growth of the health insurance sector has also been mainly driven by government schemes. Premium income in January stood at Rs 24.80 billion. It was only Rs 18 billion in the same period.
In addition, the health insurance premium of private insurance companies increased by 17 percent year-on-year to Rs 17.4 billion in January this year. Public sector companies, on the other hand, have seen a decline of 3 percent year-on-year.
Independent health insurance companies continue to benefit from GST exemptions. Premium income has increased by 23 percent year-on-year. –Agency
