Private Non-Life Insurers Maintain Growth Momentum: ICICI Securities  

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ICICI Securities Report

November 2020/FY21-to-date gross domestic premium income for non-life insurers grew 3%/1.4% YoY of which private non-life insurers grew 9%/3.8% YoY while public sector undertaking insurers witnessed a decline of 4.4%/1.7% YoY.

We observe four trends in non-life insurance premium trends:

1. Strong FY21-to-date growth in health premiums led by standalone health insurers

2. High but decelerating trend in Covid-19 related claims

3. Slowly improving auto registrations

4. Declining market share of PSU insurers

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