A 31 per cent growth in the health segment, driven by the pandemic, has boosted the gross premium collection for the non-life insurance industry by 13.8 per cent to Rs 44,436 crore over in the June quarter over the same period last year, a report said on Wednesday.
According to Care Ratings, the overall numbers are indicative of the industry returning to the pre-pandemic levels, though the industry flagship motor segment continues to trail and health continues to drive growth.
While health insurance premia jumped 30.9 per cent to Rs 17,497.1 crore in the reporting quarter on-year, continuing to lead the market in premia collection with an overall share of 39.4 per cent, the motor insurance premia grew 3.1 per cent.
Accordingly, its share has come down to 30.7 per cent in the reporting period from 38.3 per cent a year ago, the report showed.
Of the total mediclaim sales, the share of the standalone private players stood at Rs 4,222.8 crore, up 55.5 per cent over the same period last year when it grew by only 17.8 per cent.
The fire segment grew 4.1 per cent to Rs 7,551.5 crore, down from over 33.7 per cent growth last year, and its share in the overall business came down to 17 per cent from 18.6 per cent last year.
Marine grew 26.9 per cent to Rs 1,168.3 crore, as against a contraction of 12.8 per cent last year. Its overall share increased to 2.6 per cent from 2.4 per cent.
Of the total premia collection, the general insurers grew 11.1 per cent to Rs 39,811.2 crore in the quarter as against a 6.7 per cent contraction last year, while specialised state-run insurers contracted 19.6 per cent to Rs 402 crore from Rs 500 crore a year back, when it had clipped at 44.7 per cent.
The overall industry growth was 13.8 per cent at Rs 44,435.9 crore in Q1 of FY22, from Rs 39,054.8 crore a year ago when it had contracted by 4.9 per cent.
Crop insurance has nearly halved from Rs 1,479.32 crore in Q1 of FY21 to Rs 713.06 crore in Q1 FY22 as anecdotal data suggest that as the crop insurance scheme has been made optional, farmer enrolment has come down, it said.
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