Slowing growth in non-life insurance

A survey conducted by the agency ICRA on the Indian non-life market has shown that a slowdown of the turnover in non-life insurance is not excluded in 2014. The increase of premiums during the 2013-2014 year should be below 15% compared to an average of 18.1% in the last five years.

During the year 2012-2013 the non-life market reported a premium income of 650 billion INR (11.9 billion USD). This slowdown is accounted for by the decline in economic activity. The motor, fire and engineering classes of business will be directly impacted by this downward trend while health insurance is projected to remain stable.