Insurance Sector Update - Non-life insurers report strong MoM GDPI growth in March 2021 By ICICI Securities
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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).
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