FINANCEOUTLOOKINDIANOVEMBER, 20238Non-life insurance, commonly known as general insurance in India, protects property, enterprises, and persons. This sort of insurance is known as Property and Casualty (P&C) insurance in various markets. Unlike life insurance, which insures lives for guaranteed benefits, non-life insurance covers damages on an indemnity basis. It financially protects the insured by paying money in the event of an unexpected loss. Non-life insurance policies include fire, marine, motor, health, house, factory, shop, travel, and liability insurance, among others. In other words, non-life insurance products are types of insurance that provide coverage other than life insurance products.AM Best, a global company rating agency, has raised India's non-life sector's outlook from negative to stable, citing growth, supportive legislation, and increased access to financing. AM BEST: INDIA'S NON-LIFE INSURANCE SECTOR SHIFTING FROM NEGATIVE TO STEADYGrowth in the non-life segment is likely to be supported by regulatory moves to increase insurance penetration and promote financial inclusion
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