Health Insurance share in non-life surged to 37.1% in FY24 from 24.6% in FY18

Health insurance in India has experienced significant growth in recent years. According to a report by Axis Securities, its share in the non-life insurance segment rose to 37.1% in FY24, up from 24.6%. The report also emphasizes the increasing penetration of health insurance in the country, supported by growing awareness and government initiatives.

A key factor driving this growth is the increased insurance penetration, which climbed from 3.7% to 4% in FY23. Additionally, the share of health insurance in the non-life insurance segment has grown from 24.6% in FY18 to 37.1% in FY24