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Read this to understand how much will premiums increase and what are the possible reasons for the same
Insurance premiums are likely to increase in 2023, owing to the rising interest rates and a weakening economic scenario globally, Indraneel Chatterjee, Co-Founder at RenewBuy, told CNBC-TV18.com. However, it will be a slow one and premiums might increase only by up to 5 percent in the life and non-life categories, he said.
“The revisions will be predominantly be linked with medical inflation (in health insurance category) and overall economic condition of the country,” Chatterjee said.
According to a recent report by Indian financial services company Motilal Oswal Financial Services Limited, medical inflation in India has continued to rise. The report noted that room rents have increased 3-4 percent over the past one year.