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Covid cannot be solely blamed for increase in insurance prices: Naval Goel

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Should covid-19 be blamed for the increase in insurance prices?It is pertinent to note that the annual increase is a common practice followed by all insurance companies where they are allowed to revise their premium amount during any time in a year wherein it primarily takes place at the beginning of the financial year with the renewals of contracts with reinsurers, which has happened this year as well.Also Read | India needs to learn from the Suez crisisIf we see the old records, the Insurance Regulatory and Development Authority of India (Irdai) shared that out of 388 products, premium rates had been increased by general and health insurers by up to 5% of the then prevailing rates only for 55 products as on September 30, 2020.

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