The recent primacy of health insurance is partly because sales of new vehicles halted during the lockdown, and even now are struggling to match pre-covid levels.
As a result, motor insurance premiums dropped 13.8% on a year-on-year basis—the second-highest fall among the 10 main non-life segments.
Meanwhile, health insurance premiums grew 15.8% in the same period—the second-highest growth among these 10 segments.Historically, health premiums have been driven by ‘group policies’, or organisations buying an umbrella cover for their employees.