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Standalone Health Insurers (SAHI) have recorded 26 per cent growth in retail annual premium equivalent (APE) in December 2023 at ₹2900 crore (₹2,300 crore). For the year ended December 2023, retail APE was up 25 per cent at ₹22,500 crore (₹17,900 crore), official IRDAI and General Insurance Council data showed.
All the five standalone health insurers—Star Health, Care Insurance, Niva Bupa, Aditya Birla Health Insurance and ManipalCigna-recorded double digit growth for both December 2023 and year-to-date as of December 2023.
Among these five standalone health insurers, the best performing company was Star Health, which recorded 15 per cent y-o-y growth in retail APE at ₹1,300 crore in December 2023 and 18 per cent growth year-to-date in end December 2023 at ₹10,300 crore (₹8,800 crore).
Health insurance is the fastest growing segment in the insurance sector.
For December 2023, general insurance sector premium growth improved 13 per cent y-o-y against 11 per cent in October-November 2023. Private players grew 15 per cent y-o-y (11 per cent over Oct-Nov), slightly better than public sector insurers.
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