Group covers lead 22% growth in Q1FY23 health insurance premium

Motor insurance premium sees 27.5% rise on a low base

Retail health, which led to the uptick in health insurance premia over the past two years during the pandemic, witnessed subdued growth in the April-June quarter (Q1) of FY23. Despite that, health insurance premia registered 22 per cent growth in Q1FY23 to over Rs 21,000 crore, primarily driven by group health insurance premia.

Motor insurance premia rose 27.5 per cent year-on-year (YoY) to Rs 15,765.95 crore, albeit on a low base, indicating a revival of growth in the segment buoyed by a pick-up in vehicle sales.

According to the data released by the general insurance council, retail health premia witnessed