Powered by: Motilal Oswal
16/04/2021 10:48:09 AM | Source: ICICI Securities Ltd
Insurance Sector Update - Non-life insurers report strong MoM GDPI growth in March 2021 By ICICI Securities
News By Tags | #3518 #448 #3062
Insurance Sector Update - Non-life insurers report strong MoM GDPI growth in March 2021 By ICICI Securities

Non-life insurers report strong MoM GDPI growth in Mar’21

Gross domestic premium income (GDPI) for non-life insurers grew 23% / 5.2% YoY in Mar’21 / FY21, of which, private players’ GDPI grew 32% / 8% YoY and that of their PSU counterparts grew 14% / 1.6% YoY, respectively. ICICI Lombard (ICICIGI) reported GDPI growth of 31% / 5.2% YoY in Mar’21 / FY21. SBI General (SBIGI) outperformed with 60% YoY growth in Feb’21 (22% YoY in FY21). On MoM basis, industry / private / PSU / ICICIGI / BAGIC / SAHI reported growth of 22% / 24% / 21% / (-)10% / 13% / 53%, respectively. We observe the following trends in non-life insurance premium: 1) Strong FY21 growth in health premiums (Mar’21 remained strong for SAHI), 2) rising Covid-related claims; however, they remain at manageable levels (claims worth US$2bn till 31st Mar’21 have been received by insurance companies of which US$1bn has been settled); and 3) auto registrations are gradually improving (passenger car, 2W, CV registrations remain around 250k,1100k and 50k per month).

 

To Read Complete Report & Disclaimer Click Here

 

For More ICICI Securities Disclaimer https://www.icicisecurities.com/AboutUs.aspx?About=7

 

Above views are of the author and not of the website kindly read disclaimer

 

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here