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LIC going public, out-patient cover... 7 reforms that changed Indian insurance in 2022

The Insurance Regulatory and Development Authority of India (IRDAI) went on overdrive this year to facilitate ease of doing business, LIC went public, life insurance companies sold guaranteed return products on the back of higher interest rates while health insurers rolled out wellness and OPD benefits.

December 30, 2022 / 01:16 PM IST

The last two years, 2021 in particular, have been a watershed period for the life and health insurance sectors because of the pandemic which fostered newer, virtual modes of medical evaluation and policy purchase as also claim settlement.

Premiums earned by health insurers saw a spike as an increasing number of Indians queued up to buy or enhance their life and health insurance covers.
While 2022, too, started amid the Omicron wave, hospitalisation rates did not shoot up, which meant that individuals as well as insurers could heave a collective sigh of relief.

But certain changes – for instance, increased awareness around the importance of life and health insurance that the pandemic ushered in – are here to stay. “Customers are showing an enhanced interest in protection products after witnessing the devastation caused by the pandemic,” says Vighnesh Shahane, MD and CEO, Ageas Federal Life Insurance.

Also read: Moneycontrol-SecureNow Health Insurance ratings - Your handy guide to buying the right health insurance cover