India's general insurance sector reports muted growth in July
motor insurance sales
and declines at large players such as the Bajaj Allianz, HDFC Ergo and
ICICI Lombard
.
A majority of these insurers saw premium contractions between 10% and 25%. But
New India Assurance
bucked the trend, posting 16% growth. By contrast, standalone health insurers delivered a stronger performance, recording an increase of more than 10% year-on-year in premium collections.
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Gross written premium of the industry rose to ₹29,729 crore against ₹28,929 crore in the same month a year ago. The slowdown is due to change in reporting format.
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