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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.
"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, Insurance Regulatory and Development Authority of India (IRDAI) at a FICCI health online insurance conference on Wednesday.
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.
"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, Insurance Regulatory and Development Authority of India (IRDAI) at a FICCI health online insurance conference on Wednesday.