Non-Life Insurers Update - FY22 Starts Off With A Bang With Low Base: CARE Ratings
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CARE Ratings Research Report
Even as the second wave of Covid-19 has caused the nascent buds of economic recovery to wilt in April 2021, the non-life insurance industry has put up a strong performance as the April 2021 monthly numbers reported a 22.1% growth continuing with trend seen during the previous month.
Non-life insurance premium reached Rs 17,309.5 crore for the month of April 2021 compared to Rs 14,174.1 crore in April 2020.
Growth has been driven by the low base effect in April 2020 (national lockdown in April 2020 versus localised lockdowns in April 2021), the anticipated renewals in the fire segment (as witnessed in April 2020) along with continued strong growth in the health insurance segment.
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