In the wake of the advent of COVID-19, the non-life insurance sector has seen more than 5% growth throughout FY21, with the companies’ premiums have reaching close to Rs. 2 lakh crores for the entire yea.
Compared to March figures of 2020, Premiums of companies grew by 23% in March, 2021. 7 standalone health insurance companies in the non-life insurance sector grew by 41% in March, exceeding 11% in the whole year.
Although, segment wise figures have not yet been provided by IRDAI, due to the pandemic there was no change in the premiums of third-party motor insurance throughout the year since auto sales were affected in the lockdown. Hence the largest pie has been shared by non-life insurance sector. Government insurance company New India Assurance remains to be the largest company with a market share of over 14% and the company saw a 6% growth in premium over the entire financial year.
