In December 2023, Standalone Health Insurers (SAHI) experienced a substantial 26% increase in retail Annual Premium Equivalent (APE), reaching ₹2,900 crore compared to ₹2,300 crore. According to official data from IRDAI and the General Insurance Council, the retail APE for the entire year ending December 2023 exhibited a noteworthy 25% surge, reaching ₹22,500 crore, up from ₹17,900 crore.
All five standalone health insurers, namely Star Health, Care Insurance, Niva Bupa, Aditya Birla Health Insurance, and ManipalCigna, demonstrated double-digit growth both for December 2023 and year-to-date through December 2023.
Among these insurers, Star Health emerged as the top performer, achieving a remarkable 15% year-on-year growth in retail APE, totaling ₹1,300 crore in December 2023. Furthermore, its year-to-date growth by the end of December 2023 stood at 18%, amounting to ₹10,300 crore, compared to ₹8,800 crore.
In the broader context, the general insurance sector experienced a 13% year-on-year improvement in premium growth for December 2023, compared to 11% in October-November 2023. Notably, private players exhibited a 15% year-on-year growth (11% over Oct-Nov), slightly outpacing public sector insurers.
