General Insurers’ Premium Growth Recovering, Expect Momentum To Continue: ICICI Securities
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ICICI Securities Report
Gross domestic premium income for non-life insurers grew 14.2% / 3.7% YoY in February 2021 / FY21-to-date, of which, private players’ GDPI grew 13% / 6% YoY and that of their public sector undertaking counterparts grew 16% / 0.7% YoY, respectively.
We observe the following trends in non-life insurance premium -
1. Strong FY21-to-date growth in health premiums (Feb-21 remained strong for standalone health insurance),
2. Covid-19 related claims are at manageable levels ($1.86 billion till Feb 25);
3. auto registrations are gradually improving and
4. PSU insurers’ market share is declining.
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