According to the credit rating agency, the business growth for the first half of FY23 was driven by health (especially the group segment), motor, and crop insurance.

During the period under review, the industry had logged a premium of Rs 125,195.9 crore up from Rs 108,575.3 crore earned during the first half of FY22.

The trend of private players outpacing their public peers has continued, with private companies growing faster than their public counterparts.

The market share of private non-life insurance companies has witnessed a sustained increase to 60 per cent in H1 FY23 from 57 per cent in H1 FY22 and 55 per cent in H1 FY21, CARE Ratings said.

According to CARE Ratings, the health segment is anticipated to witness continued demand amid increased awareness post-Covid.

The long-term growth of motor insurance would be driven by growth in the automotive industry which would boost the motor insurance market and increase penetration amongst the uninsured vehicles on road. Digital solutions complemented by offline channels would continue to contribute to the growth momentum.

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