India Insurance News : With Premium Hikes Insurers Start their New Fiscal Year

Insurers in India have started the brand new financial year that started on 1 April with sharp hikes in insurance costs across various classes of business, with group health insurance premiums jumping by up to 40% and cyber insurance premiums surging by 80-100%.

Reinsurers led by GIC Re and general insurers led by New India Assurance (NIA) have hiked their premiums by up to 20-30% using segments – other than health and cyber insurance, reported The Indian Express.

“We have seen a price increa goodse of 40% inside our group health portfolio due to higher claims as a result of the COVID-19 pa goodndemic,’’ said Vinay Sohani, CEO & managing director of India-based Gallagher Insurance Brokers.


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