The non-life insurance industry has continued its strong performance, with July figures showing a growth of 19.5 per cent over the previous month’s trend, Care Ratings said.
In July 2020, the non-life insurance premium reached Rs 20,171 crore, compared to Rs 16,885 crore. While the health and fire segments drove growth, the motor segment also turned positively.
Kerry said the growth rate of general insurers was 17.6 per cent in July, higher than the 12.2 per cent growth seen in July last year. The annual figure for July is up 12.9 per cent, while in July FY21, it is down 2.1 per cent.
The general insurance segment has the largest share. However, its continued growth is attributed to the health portfolio.
In July 2021, standalone private health issuers recorded steady premium growth of Rs 1,753 crore, an increase of 27.5 per cent.
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YTD July FY22 figures saw a sharp rise, reaching .1 5,976 crores from ₹ 4,090 crores in YTD July FY21, an increase of 46.1 per cent over an increase of 27 per cent.
Exclusive insurers rose 29.4 per cent in July 2021 and YTD 17.2 per cent for July 22. The increase may be due to lower crop insurance premiums than the previous year when they shifted from most public general insurers to the Agricultural Insurance Company of India Limited.
For July 2021, premium growth for public insurers rose 112 basis points to 20.1 per cent, while premium growth for private companies rose 19 per cent.
However, YTD data from July FY22 showed that private players continued to outperform their public counterparts.
Health insurance premiums have been a major driver of the non-life insurance industry since the beginning of the Covid-19 epidemic.
YTD The health segment grew 34.2 per cent in July FY22, significantly higher than the 9.9 per cent growth seen in YTD July FY21, although the first four months of FY21 were under nationwide lockdown.
Additionally, YTD premium growth has remained higher than the industry average in FY22, indicating that the retail premium group is growing faster than the business as independent health insurance companies derive most of their premiums from the retail segment.
Government schemes have also been an important factor in growth as this premium YTD has reached ₹ 2,906 crores for July FY22 against ₹ 806 crore premium for the same period last year.