With the financial year (FY23) drawing to a close, non-life insurance industry — which has been dependent on the health insurance segment since the beginning of the pandemic — is seeing other segments step up and help it deliver growth rates in the higher teens.
Till February, the non-life insurance industry, comprising general, health, and specialised PSU insurers, has seen premiums go up by about 17 per cent to Rs 2.32 trillion. According to data released by the general insurance council, health insurance premiums have grown by 24 per cent year-on-year (YoY) during this period, while motor insurance premiums have gone up by 16 per cent. These two segments make for more than 60 per cent of the non-life insurance business.
Since Covid-19 hit Indian shores, the motor insurance segment has struggled to post any meaningful growth, due to multiple reasons such as restrictions imposed by the authorities on travel, lower vehicle sales, ch
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