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A.M. Best Company (via Public) / Best's Market Segment Report: AM Best Maintains Negative Outlook on India Non-Life Insurance


SINGAPORE - MAY 28, 2021 08:21 AM (EDT)
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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