Non-life insurance sector grows 19.5% in July 2021: Report

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The non-life insurance industry continued its strong performance with July numbers reporting 19.5% growth in line with the trend seen during previous months, according to a Care Ratings report.

Non-life insurance premium reached Rs 20,171 crore compared to Rs 16,885 crore in July 2020.

Care said general insurers grew at 17.6% for July which is higher than the 12.2% growth witnessed in July last year.  The year-to-date numbers grew at a 12.9% for July against a decline of 2.1% in July FY21.

The general insurance segment continues to maintain the highest share. However, its continued growth can be attributed to the health portfolio.

Standalone private health issuers reported a sustained premium growth of Rs 1,753 crore in July 2021, demonstrating a growth of 27.5%.

Specialised insurers too grew by 29.4% in July 2021 and by 17.2% for YTD July FY22. The growth can be attributed to crop insurance premiums which is lower compared to the previous year when they mostly shifted from public general insurers to Agriculture Insurance Company of India Ltd.