News Karnataka
Tuesday, March 21 2023

Insurance sector’s growth momentum fizzled out in November

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New Delhi: The growth in the insurance sector witnessed during August-October reversed in November as the industry reported Annual Premium Equivalent (APE) degrowth of 44.4 per cent last month, said a report by Emkay Global Financial Services.

It was the first month of decline since July, it said.

“The improvement witnessed in August-October 2020, after the unlocking, fizzled out in November 2020 as the industry reported APE degrowth of 44.4 per cent YoY,” it said.

The de-growth can be largely attributed to the 62.6 per cent year-on-year (YoY) APE degrowth for LIC. Private insurers performed relatively better with APE de-growth of 8.2 per cent, it said.

Retail APE for private players witnessed a decline of 7.1 per cent YoY compared to a 14.4 per cent growth in October, while Group APE witnessed degrowth of 13.1 per cent YoY against 23.6 per cent growth in October 2020.

On the basis of total APE, the share of private players surged sequentially to 55.1 per cent, from 51.4 per cent in October 2020, against the peak of 60.2 per cent in February 2020.

“The share of retail APE improved to 62.7 per cent against 57.4 per cent in October 2020, whereas the share of group APE stood at 34.5 per cent against 34.0 per cent in October 2020.”

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