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Non-life insurance industry grows over 16% driven by health and motor insurance
₹24,271.4 crore for March 2023, an 11.5% growth y-o-y, the rating agency said in its report. General insurers’ March 2023 numbers were up by 9.7%, compared to an increase of 13.8% in March 2022, while for FY23, the growth which has been driven by the group health and motor segments, has been twice of what was witnessed last year, said the report. According to it, standalone private health insurers (SAHI) continued to move on their growth curve as March 2023 numbers touched ₹3,428.4 crore up from ₹2,829.9 crore in March 2022 and ₹2,319.8 crore in February 2023.