Regulatory concerns key hurdle as pvt general insurance players gain share

The implementation of Ind-AS 117 and its assumptions on liability and other insurance-related changes in regulations could be a future cause of concern

The May 2024 data for the general insurance industry revealed some clear trends. The gross direct premium income (GDPI) grew 14.9 per cent YoY overall in May-24, largely driven by the health segment (up 17.3 per cent YoY) while motor growth did well even as it decelerated to 12.6 per cent growth.

The retail health GDPI grew at 19.1 per cent YoY while group health growth dipped to 11.2 per cent. The crop insurance (which is tender driven) and government health segments grew by 38 per cent and 440 per cent YoY.

In May’24, the Fire segment reported muted YoY