India’s Non-Life Insurance Sector Dips
India’s non-life insurance sector saw a decrease of 2.82% year-on-year (YoY) in February, according to data from the General Insurance Council. General insurers, which constitute the largest portion of the market, recorded a contraction, contributing significantly to the overall downturn.
A photograph of a financial building.
While the general insurance segment struggled, standalone health insurers demonstrated growth, with their premiums climbing 7.8% YoY. Specialised insurers also saw a marginal increase of 1.79% YoY in their premiums.
On a year-to-date (YTD) basis, the industry displayed a positive trend, increasing by 6.56% YoY. Standalone health insurers continued to lead growth, with premiums leaping 14.55% YoY. Specialised insurers’ premiums rose by 2.38% YoY, and general insurers experienced a 5.72% YoY increase.
This data provides a glimpse into the current dynamics of the Indian insurance market, highlighting areas of both challenge and growth within the non-life sector.
