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For the first time, the share of health insurance exceeded motor insurance in the total premium collection by general insurers, as the pandemic nudged many people to get a health cover.
Standalone health insurers reported strong growth, led by robust demand for retail health policies and market-share gains from the four state-owned general insurers.
The share of five standalone health insurers in the total health insurance premium collection grew to 50.7% in FY22 from 46.2% while that of PSU insurers dropped to 26.2% from 30.1%.
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