Non-life insurance rises 2.7% in November; health sees 17% spike
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BusinessToday.In
Dec 24, 2020,
Updated Dec 25, 2020, 9:15 AM IST
Non-life insurance premium rose 2.7 per cent YoY in November 2020 to Rs 14,981 crore, compared to Rs 14,585.9 crore in November 2019, driven primarily by health insurance.
Story: Shivani Sharma
Design: Mohsin Shaikh
Due to the lockdown, segments barring fire, engineering, health, aviation and liability showed a decline in their premium numbers. Premium growth during April-Nov 2020 was 31.2 per cent as compared to 45.7 per cent in the same period last year.
The marine segment de-grew 10.3 per cent in April-November FY21 compared with 14.1 per cent growth witnessed in April-Nov November FY20.
Motor insurance segment also witnessed a decline. Muted growth in the economy and subdued activity in the auto sales impacted the business.
Health segment grew 17.2 per cent in April-November FY21 compared to 13 per cent in same period last year.
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