Crop insurance amongst others accelerated the year on year growth of general insurance industry’s ‘Gross Written Premium’ (GWP).

In technical parlance, GWP is the total premium before deductions for reinsurance and ceding fees.

According to a report by Motilal Oswal Financial Services (MOFSL), overall GWP growth was driven by strong performance across all segments, with “Marine, Motor OD, Health, Crop growing by 38.6 per cent, 11.2 per cent, 24.5 per cent, 40.4 per cent.”

“Private players reported a GWP growth of 18.4 per cent YoY in August 2021, while the industry posted a growth of 24.1 per cent YoY,” the report said.

“In FY22 YTD, private players’ GWP grew by 14.1 per cent YoY. The same for the industry grew by 16.9 per cent YoY.”

Besides, the report cited that ‘Health’ business grew by 24.5 per cent YoY, with ‘Retail, Group Health’ growing by 14 per cent, 37 per cent.

“Government schemes, overseas health business too saw robust growth of 22 per cent, 82 per cent YoY.”

“The share of ‘Health’ segment in the overall industry GWP grew by 395bp to 34.9 per cent on a FY22 YTD basis.”

Furthermore, the report cited that ‘Motor’ business grew by 8.5 per cent YoY, with ‘Motor OD, TP’ growing by 11.2 per cent, 6.7 per cent.

“The share of Motor segment declined in the overall industry GWP by 296bp to 30.1 per cent on a FY22 YTD basis.”

–IANS

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