India's non-life insurance sector continued to witness strong business momentum in July, led by robust growth across retail health, motor and miscellaneous segments, according to global brokerage Morgan Stanley.
The brokerage noted that motor own-damage (OD) gross direct premium income (GDPI) grew 17% year-on-year (YoY) in July. Private insurers also reported a similar 17% growth during the month. Among key players, ICICI Lombard General Insurance reported 16% growth, while Go Digit General Insurance saw its motor OD GDPI decline 6% YoY.
Motor third-party (TP) GDPI growth was also healthy, rising 12% YoY in July. ICICI Lombard outperformed the segment with an 18% increase, whereas Go Digit reported a 6% decline.
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Retail health insurance remained one of the strongest growth drivers for the sector. Retail health GDPI jumped 32% YoY in July, with private-sector insurers registering an even stronger 43% growth, Morgan Stanley said.
Standalone health insurers also recorded significant growth during the month. ICICI Lombard posted a sharp 65% YoY increase in retail health GDPI in July. Niva Bupa Health Insurance reported 47% growth, while Star Health and Allied Insurance registered a 22% increase.
The brokerage's observations point to continued strength in demand for health and motor insurance, despite a mixed performance among individual insurers. The strong growth in retail health, particularly among private-sector and standalone players, remains a key positive for the industry.
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