₹24,271.4 crore for March 2023, an 11.5% growth y-o-y, the rating agency said in its report. General insurers’ March 2023 numbers were up by 9.7%, compared to an increase of 13.8% in March 2022, while for FY23, the growth which has been driven by the group health and motor segments, has been twice of what was witnessed last year, said the report.
According to it, standalone private health insurers (SAHI) continued to move on their growth curve as March 2023 numbers touched ₹3,428.4 crore up from ₹2,829.9 crore in March 2022 and ₹2,319.8 crore in February 2023.
This monthly growth of 21.2% was higher than the 15.6% reported in March 2022 albeit the growth rate declined sequentially from 26.8% in February 2023.
Meanwhile, the FY23 growth rate too was slower in the current year versus last year. The slowing was on account of the normalised growth in the government and retail health schemes in the current year, while last year, the same had posted significant growth, CareEdge said.