Average retail health insurance ticket size rises by half over 6 years

The average ticket size of retail health insurance in India has increased by nearly 48% over six years to INR26,533 ($320) so far in FY24, according to data from online insurance broker PolicyBazaar.

This increase is attributed to a rise in medical inflation and greater demand for higher coverage after the COVID-19 pandemic, reported Business Standard.

“The jump in average ticket size could be because of medical inflation in the country which is about 14% to 15% and the health insurers follow suit by increasing the premiums for health insurance policies, said Mr Siddharth Singhal, Business Head – Health Insurance at PolicyBazaar.

“Secondly, more and more people are buying longer-term policies.”