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The motor insurance and health insurance drove growth in the gross premium underwritten by the non-life insurers during the year 2013-14.
As per 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.
Out of this the highest premium share came from the motor insurance at ₹33,887 crore representing 14.3 per cent growth over the same in the previous year. The health insurance segment followed with over 13.5 per cent growth at ₹17,624 crore premium.
There has been a noticeable increase the mandatory motor third party premium at 26 per cent at ₹15,683 crore. It may be noted here that the increase came in the wake of formation of a new declined pool by the regulator before last year.
The personal accident premium grew by 12 per cent followed by fire and marines segments which posted 11 and 4 per cent increase respectively. In what could be indicative of slowdown in the aviation sector, the premium underwritten witnessed a fall of 7 per cent at ₹448 crore.
The expectations for non-life business growth this year as the expected 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 in a recent interaction.
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