Covid booster: Health cover now top segment in general insurance
(This story originally appeared in on Aug 19, 2020)MUMBAI: The Covid-19 pandemic has provided a booster shot to the health insurance business in the country. With 130 new products launched in four months, the segment has overtaken motor to become the largest business for non-life companies. According to the insurance regulator, the dominance of health will only increase by the end of the year. However, the protection gap (between ailments and claims) in smaller cities remains a concern. "The insurance industry has come up with 500 health insurance products in the last 20 years. Since March 2020, we have approved 130 new products. Health is already bigger than motor insurance and at the current rate will increase the gap by leaps and bounds by the end of the year," said T L Alamelu, member...
