Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Motor insurance premiums, riding on higher vehicle sales and repricing of third-party premiums, has compensated for the normalization of growth in the health segment. This comes despite health insurance premiums moderating in the first half of the financial year (H1FY23).

The non-life insurance industry’s growth, though, moderated to 15 per cent from over 20 per cent growth in Q1FY23.

According to data released by the General Insurance Council, health insurance premiums logged an 18.9 per cent year-on-year (YoY) growth in H1FY23, compared to 28.8 per cent in the same period last year. On the other hand, motor insurance has continued