While the COVID-19 pandemic has created awareness among consumers on the need for having health insurance cover on the one hand, insurers hiking premiums might act as a dampener for a section of people in buying a policy on the other hand, amid inflationary pressures.
“It is true that several of the health insurers have increased their premiums by 10-15% in some of the products. The rise in premiums is due to the high claims received by the insurers in the last two years. Typically, insurance companies hike the premiums when loss ratios of their health products increase,” Rakesh Goyal, director, Probus Insurance Broker, a digital insurance broker, said.
