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ICICI Securities Report
Aggregate industry monthly non-life insurance premium grew 10% YoY in August 2020 driven by fire (29% YoY) and health premiums (25% YoY).
Motor segment saw gradual improvement as August 2020 gross direct premium income (GDPI) declined 2% YoY versus 6% decline in July 2020.
Media reports indicate that there have been 207,000 Covid-19-specific claims for an amount of Rs 33 billion till September 10, 2020.
Claims till end of August was Rs 27 billion which is approximately 12% of FY21-to-date health GDPI.
This rising Covid claims coupled with expected normalisation of non Covid claims can lead to hike in health premiums.
Our sample of 25 health insurance schemes of major general insurers for family floater polices (husband-age 35, wife and two children) with sum assured of Rs 500,000 - Rs 1 million indicate no price hike in FY21-to-date.
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