Health insurance dominates premium mop-up; motor and crop recover

General insurers have seen Covid-related health claims mount, especially after the second wave of the pandemic

The motor insurance segment — which has struggled to gather pace in premium collection — is showing signs of recovery, with the segment registering a 6 per cent YoY growth rate till August this year. However, it is still down 11 per cent compared to the pre-pandemic period.

The recovery is aided by higher auto sales in August. While premiums in three-wheelers rose 59.7 per cent, commercial vehicles grew 17.7 per cent, passenger vehicles 7.6 per cent, while tractors and two-wheelers witnessed 17 per cent and 14.6 per cent growth, respectively. 

The surprise element has been crop insurance, which till July this