Mumbai: The insurance regulator has cleared a hike in health insurance rates for policies issued by New India Assurance, the country’s largest non-life insurer. The new rates are on an average 20% higher than the old ones which were in force from 2007 and will come into effect from next month.

The rate hike could trigger similar revisions among other state-owned non-life insurers since New India, being the largest, sets the benchmark for rates. TOI had reported in its January 26 edition that public sector insurers are set to revise health insurance rates by 20-25%.