Non-Life Premiums Muted Growth Continues In November: CareEdge

CareEdge Research Report

The non-life insurance industry reported a premium of Rs 20,897.6 crore in November 2023, rising by a more sedate 8.8%, compared to last month’s 13.6% and 22.1% in November 2022.

This slower growth can primarily be attributed to slow growth in Health and motor third party along with a fall in crop insurance. Meanwhile, for year-to-date-FY24, the industry has continued to report double-digit growth. This growth continues to be underpinned primarily by the health and motor insurance segments.

However, compared to the last year, the growth continues to be marginally subdued due to a fall in the liability, marine and crop insurance, while fire and credit guarantee segments also reported subdued growth numbers compared to last year.

The public sector premiums continued to be approximately a third of the aggregate premium.

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