Motor segment drives the fall in premiums for non-life insurers

Retail health has shown a growth of 25% due to covid

The nine per cent drop in premium collection by general insurers during May was driven largely by the fall in motor and crop segments. This was the second straight month of decline in non-life premiums.

The motor segment saw a drop of 23 per cent, with the own-damage segment dropping 29 per cent and third-party segment down 19 per cent. In the first two months of FY21, premiums in the motor segment dropped 36 per cent to Rs 6,754 crore, from Rs 10,511 crore in the same period last year.