Best’s Market Segment Report: AM Best Maintains Negative Outlook on India’s Non-Life Insurance Market – QNT Press Release

AM Best has maintained its negative market segment outlook on India’s non-life insurance segment, citing insurers’ reliance on investment income to offset persistent underwriting losses as a key factor.

The Best’s Market Segment Reporttitled, “Market Segment Outlook: India Non-Life Insurance,” states that key lines of non-life business, including health, motor and crop insurance, have been challenged for several years by poor underwriting performance. Despite an improvement in the fiscal year ended 31 March 2021, the market’s combined ratio remained unfavourable, at 115%, compared with approximately 120% in the previous two fiscal years. The state-owned insurance companies, which accounted for 45% of earned premium in fiscal-year 2021, posted a combined ratio of over 120%. These companies help to enforce government insurance schemes and increase insurance penetration by offering lower-priced …

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