Motor insurance premiums remain in contraction till February, shows data

With a month left for the financial year to end, the biggest business of non-life insurers, motor insurance, is still in contraction.
 
Till February, the segment has shrunk 4 per cent in premiums collected. In the same period, the health insurance premiums have grown by 13 per cent, with retail health rising 28 per cent.
 
While group health has seen 9 per cent growth, government schemes and overseas medical segments contracted. Among other segments, fire insurance premium is growing at more than 28 per cent, while engineering is increasing at 10 per cent.
 
Crop insurance premiums have seen a decline of almost 6 per cent till February in the current financial year. Overall, the premium of non-life insurers has seen a growth of 4 per cent till February.