Non Life Insurance Companies

Avendus Capital study says low penetration coupled with rising disposable incomes, and product innovation by insurers could act as catalysts for the segment

Group health plans drive the 29% growth in health premiums during the first eight months of FY23

The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business

In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion

In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY

Gross direct premium income grew to Rs 3,733 crore in the reporting period, up 13 per cent over Rs 3,302 crore a year ago, which ICICI Lombard said was in line with the industry growth level.

Sequentially, the premium income of non-life insurers was up 20 per cent, after a slump of 28 per cent in May

The cumulative premium till January 2021 rose by 1.91 per cent to Rs 1,40,999.04 crore; stand-alone health insurers witnessed 8.04 per cent increase at Rs 12,108.73 cr

Under Section 80D, one can get tax deduction of up to Rs 25,000 for health insurance premiums for individuals below 60 years

In the first five month of FY20, the firms had seen 14 per cent growth in premiums.

The biggest gainers were the standalone health insurers, 6 in all, with premiums rising more than 40 per cent to Rs 1,573.96 crore

Women power will be steering forward two of the three beleaguered government owned non-life insurers, said industry officials

Development is a sign that things are picking up after govt decided to gradually unlock because life companies had seen their NBP decline 32.6% and 25.4% in April and May, respectively

Notably, the boards of the three firms had approved the merger in January and had appointed management consultant firm EY to chalk the road map for the exercise last year

However, it said specific cases would be considered on merit

Intense competition, frequency of catastrophes and higher claims are some of the reasons behind the losses.

The crop insurance segment has seen negative growth for the private insurers as many have stopped underwriting crop insurance policies

The impact of increase in premiums for individual insurers will be different, depending on the kind of risk they are participating in

Among these, the 25 general insurance providers had a combined premium of Rs 12,447.10 crore during the month, up by 12 per cent

Strong individual business growth and market share gains are positives