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Motor and health insurance drove growth in the gross premium underwritten by non-life insurers in 2013-14.
According to the latest segment-wise data released by the Insurance Regulatory and Development Authority (IRDA) on Friday, the total gross premium underwritten by non-life insurers increased 12.2 per cent at ₹77,541 crore in the year ended March 31, 2014, compared to the year-ago period.
Of this, the highest share came from motor insurance at ₹33,887 crore, representing a 14.3 per cent growth over the same period previous year. This was followed by the health insurance segment with over 13.5 per cent growth at ₹17,624 crore of premium.
There has been a noticeable increase in the mandatory third-party motor premium at 26 per cent, which hit ₹15,683 crore.
Personal accident premium grew 12 per cent followed by the fire and marine segments — an increase of 11 and 4 per cent. In what could be indicative of a slowdown in the aviation sector, the premium underwritten witnessed a fall of 7 per cent at ₹448 crore.
Economic recoveryA recovery in economic growth and grounding of infrastructure and expansion projects would lead to improved demand for non-life insurance, M Ramprasad, Member (Non-Life), IRDA, told Business Line during a recent interaction.
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