Non-Life Insurance Industry Grows 19.5% In July 2021: Report

Non-life insurance premium reached Rs 20,171 crore compared to Rs 16,885 crore in July 2020. The growth was driven by health and fire segments with motor segment also turning in positive numbers.

The non-life insurance industry continued its strong performance with July numbers reporting 19.5 per cent growth in line with the trend seen during previous months, Care Ratings has said. Non-life insurance premium reached Rs 20,171 crore compared to Rs 16,885 crore in July 2020. The growth was driven by health and fire segments with motor segment also turning in positive numbers. Care said general insurers grew at 17.6 per cent for July which is higher than the 12.2 per cent growth witnessed in July last year. The year-to-date numbers grew at a 12.9 per cent for July versus a decline of 2.1 per cent in July FY21. The general insurance segment continues to maintain the highest share. However, its continued growth can be attributed to the health portfolio.