News From Press Motor, crop insurance biz declines, health rises 11%

Motor, crop insurance biz declines, health rises 11%

In the motor portfolio, motor third party (TP) premium — which has not been hiked by the Insurance Regulatory and Development Authority of India (Irdai) in FY21 — has grown 5 per cent to Rs 10,650 crore.

Source: Indian Express Apr 21, 2021

India’s general insurance industry narrowly missed the milestone of Rs 2 lakh crore of gross premium during 2020-21, due to the negative growth in motor insurance — the largest portfolio in the industry — and crop business.

The industry ended financial year 2020-21 with a positive year-on-year (y-o-y) growth of 5 per cent at Rs 1,98,735 crore, aided by growth in health insurance segment.

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