The non-life insurance sector sees good growth in January 2022

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Business

oi-Sunil Fernandes

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The non-life insurance sector recorded a strong five-month growth rate of 15.9% in January 2022 and was almost 2.5 times the rate recorded in January 2021, according to a report by CareEdge.

The non-life insurance sector sees good growth in January 2022

“Non-life insurance premium reached Rs. 21,401.1 crore for January 2022, compared to Rs. 18,457.6 crore in January 2021. Growth continued to be driven by the health segment; “Crop Insurance Contributed Significantly to Growth for the Month of January 2022 Crop Insurance saw monthly premium growth after several months,” CareEdge said in a report.

General insurers experienced moderate growth of 2.3% in January 2022, almost half the rate recorded in December 2021, but about 30% of the growth rate of 8.1% recorded in January 2021. 0 growth .5% over 10 months for FY21.

“The general insurance segment continues to retain the highest share; however, its continued growth can be primarily attributed to health insurance, with auto and fire also accounting for some growth.

Autonomous Pvt Health Insurers (SAHI) reported sustained annual premium growth of 36.3% in January 2022 (higher than last January’s 27% growth rate) to Rs. 2,019.1 crores, this which was also higher sequentially than December’s numbers. Similarly, the figures for 10M FY22 which reached Rs 16,216.9 crores against Rs 11,902.7 crores in 10M FY21, a jump of 36.2% against a growth of 2,913% in 10M FY21, indicating the robust growth in premiums retail and group healthcare.

Article first published: Friday, February 18, 2022, 2:46 p.m. [IST]

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