Retail health driving growth, motor insurance premiums inching up

Increasing new vehicle sales and strong momentum in retail sales during the festive season supported growth.

The retail health segment is driving the growth in the non-life insurance industry, with motor insurance inching up, albeit slowly. In December, while the retail health segment recorded 24 per cent growth, government health schemes made a comeback as premiums in this segment more than doubled YoY. 

Among other segments, fire insurance has registered 45 per cent growth in December premiums. Motor insurance registered 14 per cent growth in premiums, up from 7 per cent YoY growth in November, 3 per cent YoY growth in October, and 4 per cent YoY decline in Q2FY21.

Increasing new vehicle sales and strong