INSUBCONTINENT EXCLUSIVE:
The non-life insurance industry bounced back in October, as premiums grew at 15.51 per cent year-on-year (YoY) and marked a change from a
disappointing number in September.
The industry netted premiums to the tune of Rs 20,423.38 crore in October, up 15.51 per cent from the
year-ago period, according to data put out by General Insurance Council (GIC).
General insurers, who operate multiple lines of business,
reported a 17.5 YoY growth of Rs 18,390.86 crore on the back of a robust performance by state-owned firms
Standalone health insurers reported a 20 per cent YoY jump in premiums in the same period.
Four state-owned insurers saw a 22.46 per cent
Premiums of private sector insurers increased by 14.5 per cent YoY
Among top private sector insurers, ICICI Lombard netted premiums to the tune of Rs 2,047.12 crore, up 22.19 per cent YoY; Bajaj Allianz
FY23, non-life insurers have reported a premium growth of 15 per cent YoY to Rs 1.45 trillion, driven by robust growth witnessed by private
sector general insurers, and standalone health insurers
After over 20 per cent growth in Q1 FY23, the non-life insurance industry saw a tapering of growth in Q2FY23 as it reported only 10 per cent
growth during this period
In H1 FY23, the industry grew 15.3 per cent, compared to 12.6 per cent in the same period last year
This growth was driven by health (especially the group segment), motor, and crop insurance.Motor insurance premiums, riding on vehicle sales
and repricing of third-party premiums, compensated for the normalization of growth
Health insurance premiums have moderated in H1 FY23 after witnessing high levels of growth during the pandemic.
Despite moderation in
growth, experts believe demand for health insurance will continue, albeit not at the level witnessed during the pandemic
Further, the long-term growth of motor insurance would be driven by growth in the automotive industry.
