Insurance premiums likely to rise in 2023 — Here's how much and why

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.