, India

Premium downfalls still plague India's general insurers

Gross direct premiums fell 9.8% in May.

The monthly gross direct premiums of India’s general insurers continued to slip in May, falling 9.8% to $3.3m (INR 25,363 crore) from $3.6m (INR 28,124) a year ago, according to a CARE Ratings report.

This is a far cry from the 15.3% YoY recorded in May 2019. Even with the lifting of the lockdown in June, the industry could still suffer a fall in Q1 2021, with growth potentially returning in Q2 or Q3.

Feeble growth in the economy and key sectors, such as auto and manufacturing, could hurt the industry even more, but could be counteracted by renewed interest in the health segment.

Per segment, all sectors displayed downturns except for fire, health, and liability. Despite the downfall in general gross direct premiums, motor insurance premiums recovered by 57.6% In May from its 49.1% YoY plunge in April, but it has also demonstrated notable declines brought about by the sharp plunge in vehicle sales.

Motor own damage (OD) premiums are likely to be affected as long-term OD policies for new car sales have been proposed to cease in the current fiscal year, the report said.

Fire insurance continued its upward trajectory by 34.4% mainly due to the increase in reinsurance rates in the last quarter of FY2020. However, the growth was considerably lower than the 54.5% surge seen in May 2019.

The health segment inched up 7.5% which, along with the fire segment, helped offset the fall in non-life insurance premiums.

Photo courtesy of Pexels.com.

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