Crop and auto insurance increase annual GWP for industry as a whole last month

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New Delhi, Sep 25 Crop insurance, among others, has accelerated the year-over-year growth in the “Gross Written Premium” (GWP) of the general insurance industry.

In technical jargon, GWP is the total premium before deduction of reinsurance and cession charges.

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

“Private players reported 18.4% year-on-year GWP growth in August 2021, while the industry recorded 24.1% year-on-year growth,” the report said.

“In fiscal year 22 YTD, the GWP of private players grew 14.1 percent year-on-year. The same goes for the industry grew 16.9 percent year-on-year.”

In addition, the report said that “Healthcare” business grew 24.5% year-on-year, while “Retail, Group Health” grew 14%, 37%.

“Government programs and overseas healthcare activities also saw robust growth of 22%, 82% year-on-year. “

“Healthcare segment’s share in the overall industry GWP increased by 395 bps to 34.9% on a 22 YTD basis.”

In addition, the report states that “Engine” business grew 8.5% year-over-year, while “Engine OD, TP” grew 11.2%, 6.7%.

“The share of the automotive segment decreased by 296 bps in the overall industry GWP to 30.1% on a fiscal 22 basis over the current fiscal year. “

Disclaimer: This article was posted automatically from an agency feed without any text changes and has not been reviewed by an editor

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