Indian insurers starts fiscal year with premium hikes

Health and cyber saw massive premium increases this year.

The start of the new fiscal year in India saw sharp insurance premium hikes across various segments, with group health insurance premiums increasing by 40% and cyber insurance premiums nearly doubling.

Vinay Sohani, CEO & managing director of India-based Gallagher Insurance Brokers said prices for their group health portfolio leaped 40% due to higher claims because of the pandemic.

“We have seen a price increase of 40% in our group health portfolio due to higher claims because of the COVID-19 pandemic,’’ Sohani said. 

Meanwhile, director of Anand Rathi Insurance Brokers, Supriya Rathi, said that reinsurance premiums for cyber went up to between 80% to 100% because of increase in cyber attacks.

Reports also said that GIC Re and general insurers led by the New India Assurance have hiked their premiums by 20% to 30% in certain segments other than health and cyber.

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