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Non-Life Insurance Premiums: Growth Remains Intact In October 2021: CARE Ratings

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The non-life insurance industry put the September dip in premiums behind it and returned to growth mode in October by reporting a rise of 11.1% in its monthly premiums in October 2021 compared to the marginal dip of 0.1% reported in October 2020.-, CARE Ratings has said in a report.

 
Non-Life Insurance Premiums: Growth Remains Intact In October 2021: CARE Ratings

"Non-life insurance premium reached Rs. 17,680.0 crores crore for the month of October 2021 compared to Rs. 15,906.7 crores in October 2020. The growth has continued to be driven by the health segment; with fire and the PA segments also emerging as significant contributors of growth for the month of October 2021. However, the crop insurance segment continued to dip in October 2021 by 10.9%," the ratings agency has said.

General Insurers grew steadily at 9.7% for October 2021 compared to the drop of 4.4% reported in October 2020. The YTD numbers grew at a 10.7% for YTD October FY22 vs a decline of 2.1% in YTD October FY21. The General Insurance segment continues to maintain the highest share; however, its continued growth can be attributed to the health portfolio, with motor and fire also accounting for some growth.

According to CARE Ratings, standalone Pvt Health Insurers (SAHI) have reported a sustained premium y-o-y growth of 30.5% in October 2021 (lower compared to last October's growth rate of 38.1%) to Rs. 1,609.4 crores. However, the premiums have reduced sequentially compared to Rs 1,743 crores in September 2021. On the other hand, a sharper growth has been observed in the YTD October FY22 numbers which reached Rs 10,941.4 crore from Rs 7,927.8 crores in YTD October FY21, a jump of 38% vs. a growth of 33.7% in YTD October FY21, indicative of the robust growth in the retail health premiums.

Read more about: insurance life insurance
Story first published: Friday, November 19, 2021, 10:06 [IST]
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