Motor and health covers continue to drive the business of the non-life insurance industry, contributing more than two-thirds of the total premium.
The gross premium underwritten of non-life insurers rose 22 percent to Rs 33,285 crore for April-June over the year-ago period, according to date provided by the Insurance Regulatory and Development Authority of India.
The business of private insurers, with nearly half the market share, grew 29 percent, outpacing the 16 percent increase posted by their state-owned peers. Kotak Insurance's business surged 252 percent. It was followed by HDFC Ergo at 92 percent, while ICICI Lombard, the biggest non-life insurer, reported a 10 percent growth.
Marine cargo, motor vehicles, health, which includes medical procedures and tests, aviation and crop are among the segments covered by the non-life insurance industry.
Public insurer New India Assurance, which holds the highest market share in non-life business, grew at the industry average. National Insurance Company, another government-owned insurer, grew at nearly 15 percent.
Premiums from motor insurance rose nearly 22 percent year-on-year to Rs 13,850 crore. For health insurance, it was Rs 9,285 crore, up by nearly 21 percent. The “all others” category swelled by nearly 63 percent to Rs 3,226 crore up to June.
“The growth in premium underwritten for ‘other insurance' was largely led by crop insurance as that segment has grown significantly over the last year,” said PJ Joseph, member (non-life), IRDAI.
Premium for damages caused by fire and personal accidents also saw an uptick of 15 percent and 26 percent, respectively.
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