Motor insurance rides on vehicle sales to close in on health
Motor insurance premiums, riding on higher vehicle sales and repricing of third-party premiums, have compensated for the normalisation of growth in the health segment. This comes despite health insurance premiums moderating in the first half of the financial year (H1FY23).
The non-life insurance industry’s growth, though, moderated to 15 per cent from over 20 per cent growth in Q1FY23.
ccording to data released by the General Insurance Council, health insurance premiums logged an 18.9 per cent year-on-year (YoY) growth in HIFY23, compared with 28.8 per cent in the same period last year.
On the other hand, motor insurance has continued to grow neck-to-neck with health, reporting a growth rate of 18.9 per cent, compared with just 5 per cent growth in the year-ago period.
In FY22, motor insurance premiums reported just 4 per cent growth over the previous year whereas health premiums posted a growth of over 25 per cent.
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