New Delhi, Sep 18 || India's public sector general insurers maintained their faster growth rate for the eleventh consecutive month in August, registering a 15 per cent year-on-year growth in premium at Rs 6,496 crore, a report said on Thursday.
The public sector insurers' premium amount stood at Rs 5.649.5 crore in the same month a year earlier (Aug 2024).
"The growth is largely driven by renewals in the fire, engineering, health, and motor third-party segments," CareEdge ratings said in its report.
However, the switch to the "1/n rule" due to GST reforms has affected overall headline growth.
The non-life insurance sector continued to experience a slowdown in premium growth till the month, with total collections reaching Rs 24,953.0 crore -- a modest 1.6 per cent rise YoY, compared to a 4.2 per cent increase in August 2024.