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Non-life insurance sector to log negative growth in FY21
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SME Times News Bureau | 30 Jun, 2020
The non-life insurance industry is expected to log negative growth this
financial year (FY21) due to Covid-19 pandemic, according to a top
official of Cholamandalam MS General Insurance Company, here on Tuesday.
Announcing
retirement from the Mugugappa Group insurance firm, S.S. Gopalarathnam
said V. Suryanarayanan, President & COO, would take over as the
Managing Director on July 1.
The company is a joint venture between the Rs 381 billion turnover Murugappa Group and Mitsui Sumitomo Insurance Group, Japan.
Gopalarathnam
said the non-life insurance industry would suffer degrowth in the first
quarter of FY21. The second quarter business figures might be flat
compared with Q2FY20. The industry could start logging growth from the
third quarter, but overall there might be zero growth or two per cent
negative growth for FY21, he added.
For Cholamandalam MS General, the business degrowth during Q1FY21 was about 14 per cent, he said.
According
to him, the rural demand for two-wheelers will give a necessary push to
the automobile insurance business. An increase in demand for
two-wheelers has resulted in better business for the non-life insurers.
The
Insurance Regulatory and Development Authority of India too recently
tweaked the norms for long-term policies, resulting in lower premium
outgo for new vehicle buyers.
On crop insurance, he said the
business was expected to go down to about Rs 12,000 crore this year from
Rs 27,000 earlier due to change in the scheme.
Gopalarathnam ruled out any fresh capital infusion in the current financial year.
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