Insurance
Non-Life Premiums Report Muted Growth in Nov-24 due to Changes
Published on
Author: DISHA PRAFUL SUKHANI
Overview
In November 2024, the non-life insurance industry reported a premium of Rs 21,671.4 crore rising by a modest 4.4% after breaching the Rs 30,000 crore mark in October 2024 and compared to an increase of 8.1% in November 2023. The industry’s performance has been impacted by a revision in the reporting format, which now excludes premiums from long-term policies. As a result, the growth rates reported for the current year cannot be compared with the previous year's figures. The increase can be attributed to Retail Health and Motor TP which has offset a drop in fire and near flat numbers in Motor OD segments.