Non-Life Insurance Premiums Decline in February
Non-life insurance premiums experienced a year-on-year decrease in February, according to recently released data. The decline is primarily attributed to a slowdown in the health and motor insurance segments and changes in accounting norms.
The General Insurance Council’s figures indicate that overall non-life insurance premiums fell 2.82 percent year-over-year, reaching Rs 21,747.57 crore compared to Rs 22,378.12 crore in the previous year. General insurers, who offer a range of insurance products, faced a similar drop, with premiums decreasing by approximately 5 percent to Rs 17,399.3 crore. Conversely, standalone health insurers saw a rise in premiums, increasing by 7.80 percent to Rs 3,234.6 crore.
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The contraction in these key segments has affected overall premium growth within the non-life insurance sector in the recent period.
