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Non-Life Insurance Continues To Chug Along With Motor, Group Health As Its Twin Engines Of Growth: CareEdge

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Driven by the health segment and the private sector, which has grown at a faster rate than the public sector, the non-life insurance industry has maintained its strong FY23 journey.

Despite a higher base, the health segment is anticipated to witness more demand amid increased awareness post-Covid. Meanwhile, any rise in premium rates could witness a limited impact. The long-term growth of motor insurance would be driven by growth in the automotive industry which would boost the motor insurance market and increase penetration amongst the uninsured vehicles on road.

Digital solutions complemented by offline channels would continue to contribute to the growth momentum. However, the growth could be limited by any unanticipated adverse impact of a new Covid wave and a rise in reinsurance rates.

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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

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