Overview
The non-life insurance industry reported a premium of Rs 27,220.6 crore in January 2024, rising by 6.6%, a much slower pace compared to last month’s 14.7% and roughly one-third of the 19.4% in January 2023. This growth can primarily be attributed to the Health and Motor OD segments. Meanwhile, for YTDFY24, 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 liability, crop insurance, and marine cargo, while fire and credit guarantee segments reported subdued growth numbers compared to last year.
