India’s non-life insurance premiums jump 20% in February

The growth was attributed to the increase in health and motor segments.

India’s premiums from its non-life insurance industry grew 20% to Rs 19,876.4 crore ($2.40b) for February 2023, data from CareEdge Ratings showed.

Its year-to-date (YTD) overall gross direct premiums underwritten increased by 16.9% in FY23 from 11% in the same period last year.

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General insurer’s premiums were up by 15.6% to Rs 16,383.7 crore ($1.98b) from Rs 14,174.3 crore ($1.71b), whilst standalone private health insurers (SAHI)’s premiums rose 26.8% to Rs 2,319.8 crore ($281m) from Rs 1,828.9 crore ($221m).

CareEdge stated that the growth of the industry’s group health segment “due to the rationalization of discounts in premiums,” its motor segment’s low base last year, the increase in third-party liability (TP) rates, and higher vehicle rates drove the increase in premiums.