Non- Life Insurance Industry Sees Good Growth In Jan 2022

The non-life insurance industry reported a five-month high growth rate of 15.9% in January 2022 and was nearly 2.5 times the rate reported in January 2021, according to a report by CareEdge.

"Non-life insurance premium reached Rs. 21,401.1 crores for January 2022 compared to Rs. 18,457.6 crores in January 2021. The growth has continued to be driven by the health segment; crop insurance has contributed significantly to the growth for the month of January 2022. Crop insurance has recorded a growth in monthly premiums after several months," CareEdge has said in a report.

General Insurers grew at subdued 2.3% in January 2022 which was nearly half the rate reported in December 2021 but was roughly 30% of the growth rate of 8.1% reported in January 2021. The YTD numbers grew at 8.4% for 10M FY22 vs a marginal growth of 0.5% in 10M FY21.

"The General Insurance segment continues to maintain the highest share; however, its continued growth can primarily be attributed to health insurance, with motor and fire also accounting for some growth.

Standalone Pvt Health Insurers (SAHI) have reported a sustained premium y-o-y growth of 36.3% in January 2022 (higher than the last January's growth rate of 27%) to Rs. 2,019.1 crores which was also higher sequentially higher than the December numbers. Similarly, 10M FY22 numbers which reached Rs 16,216.9 crore from Rs 11902.7 crores in 10M FY21, a jump of 36.2% vs. a growth of 2913% in 10M FY21, indicative of the robust growth in the retail and group health premiums.