General Insurance Sector Check - FY21 GDPI Grew 5% Led By Fire, Health: ICICI Securities
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ICICI Securities Report
FY21 overall industry gross direct premium income grew 5% YoY led by strong growth in fire and health segments, offset by a decline in motor and crop segments.
Excluding-crop industry GDPI grew 6.7% YoY in FY21.
On a segmental basis, fire/health grew 27% /13.5%, while motor/crop declined 2% / 3.4%, respectively.
We continue to remain constructive on non-life insurance space driven by -
- an expected recovery in motor premiums,
- expected price hike in motor third party in FY22,
- moderating Covid-19 claims and
- strong outlook for health premiums.
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