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India’s non-life insurance sector saw a slight year-on-year decline of 0.33% in December, according to data from the General Insurance Council. The drop was primarily driven by a 1.58% contraction in premiums for general insurers.
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However, standalone health insurers reported a positive performance, with premiums increasing by 5.19% compared to December of the previous year.
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Despite the December decline, the industry saw a strong year-to-date (YTD) growth of 7.82%. Specialised insurers, however, experienced a slight dip in premiums, with a 0.45% decrease on a YoY basis. In contrast, standalone health insurers reported a significant 18.74% growth in premiums, while general insurers saw a more modest increase of 6.85%.
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