Private Non-Life Insurers Maintain Growth Momentum: ICICI Securities
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ICICI Securities Report
November 2020/FY21-to-date gross domestic premium income for non-life insurers grew 3%/1.4% YoY of which private non-life insurers grew 9%/3.8% YoY while public sector undertaking insurers witnessed a decline of 4.4%/1.7% YoY.
We observe four trends in non-life insurance premium trends:
Strong FY21-to-date growth in health premiums led by standalone health insurers
High but decelerating trend in Covid-19 related claims
Slowly improving auto registrations
Declining market share of PSU insurers
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