Business Standard

Driven by health, motors, Indian general insurance sector logs 15.3% growth

The Indian non-life industry logged 15.3 per cent growth during the first half of FY23 as compared to 12.6 per cent growth for the same period previous year, CARE Ratings Ltd said.

Life insurance

Photo: Shutterstock

IANS Chennai
The Indian non-life industry logged 15.3 per cent growth during the first half of FY23 as compared to 12.6 per cent growth for the same period previous year, CARE Ratings Ltd said.
According to the credit rating agency, the business growth for the first half of FY23 was driven by health (especially the group segment), motor, and crop insurance.
During the period under review, the industry had logged a premium of Rs 125,195.9 crore up from Rs 108,575.3 crore earned during the first half of FY22.
The trend of private players outpacing their public peers has continued, with private companies growing faster than their public counterparts.
The market share of private non-life insurance companies has witnessed a sustained increase to 60 per cent in H1 FY23 from 57 per cent in H1 FY22 and 55 per cent in H1 FY21, CARE Ratings said.
According to CARE Ratings, the health segment is anticipated to witness continued demand amid increased awareness post-Covid.
The long-term growth of motor insurance would be driven by growth in the automotive industry which would boost the motor insurance market and increase penetration amongst the uninsured vehicles on road. Digital solutions complemented by offline channels would continue to contribute to the growth momentum.
--IANS
vj/vd
 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 18 2022 | 7:57 PM IST

Explore News