Motor Insurance Improves, While Health Softens In November: ICICI Securities
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ICICI Securities Report
There is a noticeable recovery in motor premium growth in November 2020 across the industry with ICICI Lombard General Insurance Co Ltd. continuing to outperform in this category.
However, health gross direct premium income growth (up 1.6% YoY) softened in Nov-20 as group health GDPI declined 8% YoY while retail health GDPI growth slowed down to 17% YoY.
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 and
- strong outlook for health premiums.
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