Medical insurance premiums saw a spike in February, with the overall growth in health business rising sharply by 42% year-on-year (YoY).
Retail health policies maintained strong momentum at 15% YoY growth in February, while group health business was up 19% YoY, reported Times of India citing Kotak Securities. State-owned insurers saw a sharp 67% growth in business, with United India (up 147% YoY) and Oriental (up 86% YoY) being the growth leaders. They gained market share from private players and specialised standalone players, wrote Kotak Securities analysts in a note.
Future Generali India Insurance COO Shreeraj Deshpande said, “On retail heath premium underwritten, we have seen about 24% growth in February, which has gone up to 29% in March. On overall growth in health business, we have seen 38% growth as of March compared to the previous year.” He added that there was no panic buying attributable to the coronavirus crisis yet.
However, enquiries have risen by 15-20%.