Sunday , May 16 2021

COVID-19: Health Insurance companies log strong growth, overall sector grows by 5.2%

New Delhi: In the wake of the advent of COVID-19 Pandemic, the non-life insurance sector has seen more than 5% growth throughout FY2021, with the companies’ premiums have reaching close to Rs two lakh crores for the entire yea. Compared to March figures of last year, Premiums of companies grew by 23% in March 2021. Seven 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 the insurance regulator IRDAI, but due to the COVID 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. Health insurance saw a good growth and it is believed that the health insurance segment can become the largest segment for the entire 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. ICIC Lombard topped 7% market share in private sector. The company’s premium growth in the year was also 5%.

India is overtaking Brazil to become the second-most affected country globally by the coronavirus. India`s overall tally reached 13.53 million, surpassing Brazil`s 13.45 million cases, according to data compiled by Reuters. The death toll in India stood at 904, taking the total to 170,179, as per the data.

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