ICICI Securities: General Insurance Sector Update - Motor Premiums Start To Improve; Retail Health Remains Robust
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ICICI Securities Report
There is a noticeable recovery in motor premium growth in October across the industry with ICICI Lombard General Insurance Company Ltd. continuing to outperform in this category.
We continue to remain constructive on non-life insurance space driven by -
- expected recovery in motor premiums,
- expected price hike in motor third party in FY22,
- moderating Covid-19 claims,
- strong growth in health premiums and
- players like Ping AN P&C Ltd. and China Life Insurance Company Ltd. have seen a moderation in life premiums growth while non-life continues to exhibit strong growth.
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