For the first time in India's insurance sector, the health business has beaten the motor vertical to become the biggest non-life industry segment, boosted by a rise in standard Coronavirus (COVID-19) plans. On the other hand, a slump in vehicle sales has affected motor insurance. Till now, the motor insurance segment, driven primarily by the mandatory motor third-party insurance, has always been the largest business segment in the general insurance sector. However, industry sources said that this year, COVID-19 played spoilsport. “When it comes to third-party cover, it includes insurance for new vehicles as well as renewals. The reality is that customers are not renewing their vehicle insurance since remote working is the new normal. This has severely affected motor premiums,” said the head of sales at a bank-led general insurer. Insurance Regulatory and Development Authority of India (IRDAI) data showed that while motor insurance premiums saw a 15.7 percent decline, health insur...
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