April 30, 2020

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Motor, health segments see substantial fall in March for non-life insurers

The (Covid-19) disruption and the subsequent lockdown imposed by the government had a significant impact on the non-life industry’s premiums for the month of March.

The motor and health segment led the decline in premiums for the industry as the month of March saw premium for the industry decline by as much as 9 per cent. Motor segment saw a 7 per cent decline in premiums, while health registered an 11 per cent decline in premiums.

Credit segment’s premiums declined 42 per cent, while premiums in the personal accident segment witnessed 53 per cent decline.

ALSO READ: HUL Q4 consolidated net profit slips 3.56{bce2ac57dae147ae13b811f47f24d80c66c6ab504b39dda4a9b6e8ac93725942} YoY to Rs 1,515 crore

For the full year, however, the industry registered a 12 per cent growth in premiums with motor and health segments showing marginal increase in premium collection.

13 shops sealed, 40 people quarantined in Azadpur Mandi due to Covid-19

Thirteen shops have been shut and over 40 people put under quarantine in Azadpur the past few days, as Covid-19 spread across one of India’s biggest wholesale markets.

What is heartening though is that so far there hasn’t been any major impact on the supplies and sale of fruits and vegetables. On Thursday, some 6,000 tonnes of perishables arrived at the mandi, which is quite near the normal levels.

On Wednesday, around 5,000 metric tonnes of fruits and vegetables arrived at the According to rough estimates there are over 400 big shops in Azadpur while the number of small shops is much more.

Adil Ahmed Khan, chairman of Azadpur APMC, said there wasn’t any unusual increase in prices as supplies were enough to meet demand. He said as per the district administration, 15 persons have been infected