Non-Life Premiums See Muted Growth in October 2023, Retail Health Continues to Post Double-Digit Growth

Overview
The non-life insurance industry reported a premium of Rs 23,814.6 crore in October 2023, rising by a more sedate 13.6%, compared to last month’s 29.1% (the growth had come of a lower base) and 18.5% in October 2022. This increase can be attributed to the growth in crop insurance, retail health and motor OD insurance segments. Meanwhile, for YTDFY24, the industry has continued to report double-digit growth. This growth has been sustained 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 and marine segments and as the crop insurance, fire and credit guarantee segments 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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