Motor, health drive non-life industry growth; premiums up by 17% till Feb

However, inflation and slowdown in the economy continue as risks to the growth in the sector

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