SINGAPORE, June 1 (Bernama) — AM Best is maintaining its negative market segment outlook on India’s non-life insurance industry as the ongoing COVID-19 pandemic is likely to exacerbate pressure on India non-life insurers’ underwriting and investment performance.
In the new Best’s Market Segment Report, “India Non-Life Insurance,” AM Best states that historically, India’s economic growth fundamentals have spurred non-life insurance market expansion. However, in fiscal year 2021, despite India’s GDP contracting by approximately 8%, the non-life insurance market achieved a positive, albeit muted, growth rate of over 5%. Prospectively, AM Best expects the trajectory of non-life insurance premiums in India to continue to be one of growth over the long term with rising consumer awareness and accessibility of insurance products.
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